CHINA SAYS NO TO CRYPTO

China’s central bank announced Friday that all cryptocurrency transactions are illegal, citing price volatility and potential national security risks.

Ten other government agencies also pledged to maintain a crackdown on all trading in the country.

Banks and non-banking payment institutions in the country will be barred from providing crypto services.

The People’s Bank of China’s lengthy statement said that cryptocurrency has disrupted the financial order and been a breeding ground for “illegal and criminal activities such as gambling, illegal fund-raising, fraud, pyramid schemes, and money laundering.”