China’s crypto ban has almost achieved a ‘meme-like status,’ but here are the lingering impacts

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China has intensified its crackdown on cryptocurrencies, as the country’s central bank, securities regulators and supreme court on Friday declared all crypto-related transactions illegal.   Though the world’s second largest economy has been rolling out different measures to constrain crypto trading and mining since 2013, the latest crackdown is by far the most harsh and comprehensive one, industry experts said.  As China continues to tighten its capital control, the regulators “have gotten smarter and more educated,” Chris Matta, president of crypto fund 3iQ BTCQ, -5.45% Digital Assets told MarketWatch in a phone interview. “It’s very difficult to ban crypto.” China’s most recent measures particularly target over-the-counter crypto services, crypto derivatives exchanges and offshore crypto exchanges that have businesses or operations in the country, according to Matta.  The cryptocurrency market
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