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China's cryptocurrency clampdown: what next for digital-first businesses?

China appears to be getting tough on cryptocurrencies – really tough. Reports suggest regulators have decided on a “comprehensive ban” which includes shuttering commercial exchanges and prohibiting any buying or selling of digital currency, as well as access to foreign exchanges. It’s been a long-time coming but is not a total surprise, given Beijing’s willingness to step in when it sees a threat to financial and social stability.

The question is, what does this mean for the future prospects of cryptocurrency and the businesses which use or have built products around it?

 

Taking a tumble

The cryptocurrency market cap fell by a staggering $60 billion to around US$109 billion in the first two weeks of September – a drop of around 40% following the news from China. That’s sent alarm bells ringing among investors and some tech firms heavily reliant on such platforms.

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Phil Muncaster

Phil Muncaster has been writing about technology since joining IT Week as a reporter in 2005. After leaving his post as news editor of online site V3 in 2012, Phil spent over two years covering the Asian tech scene from his base in Hong Kong. Now back in London, he always has one eye on what's happening out East.

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