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Illegal virtual currency trading to be curbed

China has been cracking down hard on illegal transactions related to virtual currency trading, Economic Information Daily reported on Monday. The country's financial regulator has demanded all-around inspection and solving of illegal actions involving speculation in virtual currency using the concept of blockchain, the newspaper said, quoting a source close to the Office of the Leading Group for the Special Campaign against Internet Financial Risks. Payment institutions are required to step up investigations and clean-up the payment and settlement process, an official circular showed. Trading venues of virtual currency will be overhauled, said announcements issued by Shanghai and Shenzhen, among other regions.

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