China's Crypto Crackdown

China on Friday declared all financial transactions involving cryptocurrencies illegal and issued a nationwide ban on cryptocurrency mining, sending bitcoin down 7% in value.

China’s crackdown on Cryptocurrency intensified as the country's central bank has been testing its own digital currency, the electronic Chinese yuan.

China’s Central Bank also announced that trading, token issuance and derivatives for virtual currencies, would be strictly prohibited. It stated and enforced that it was illegal for offshore crypto exchanges to serve customers in mainland China, one way which traders had been avoiding previous regulations.