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NFT App Blocks Users in China, Sending Digital Tokens Plunging

  • Tweet suggests move was intended to comply with regulations
  • GST, a token linked to the app, falls 10% after announcement

Nine months after officially declaring all cryptocurrency transactions illegal, China still has the power to roil digital assets. 

GST, a token linked to the “move-to-earn” fitness app STEPN, fell about 10% after the app’s operator said Thursday that users in China would effectively be barred from using it starting July 15. Another cryptocurrency tied to the app called GMT plunged more than 30% before rebounding, data from CoinGecko show.