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China Cracks Down on Crypto Smuggling by Corrupt Officials

China has intensified its efforts to curb the illegal use of cryptocurrencies by corrupt officials and criminals. The country’s central bank declared all crypto transactions illegal, and the police arrested 93 members of a group that allegedly laundered up to $5.6 billion using virtual currencies. The crackdown aims to protect the safety of people’s assets and maintain financial stability in China.

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