China's ban on private cryptocurrencies strengthens tokens' global resilience

The People's Bank of China declared that all transactions using private cryptocurrencies are illegal, and outlawed the mining of Bitcoin. PHOTO: REUTERS
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BEIJING - China's harshest ban so far on private cryptocurrencies will not only boost the tokens' resilience globally but also benefit countries, like Singapore, that are more open to distributed payment tokens.

Experts also say that while it is clear Beijing wants to decouple from the crypto world, it is not yet the end of the road for the virtual tokens in China, the world's biggest Bitcoin miner until just months ago.

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