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China orders Alipay, banks not to engage in cryptocurrency trading

China orders Alipay, banks not to assist cryptocurrency trading

China summoned officials from its biggest banks to a meeting to reiterate a ban on cryptocurrency services. Representatives from Industrial and Commercial Bank of China, Agricultural Bank of China and payment service provider Alipay were reminded of rules that prohibit Chinese banks from engaging in crypto-related transactions, according to a statement from the central bank on Monday.