China says all crypto transactions illegal; Bitcoin tumbles

BEIJING (AP) — China's central bank on Friday declared all transactions involving Bitcoin and other virtual currencies illegal, stepping up a campaign to block use of unofficial digital money. Friday's notice complained Bitcoin, Ethereum and other digital currencies disrupt the financial system and are used in money-laundering and other crimes. "Virtual currency derivative transactions are all illegal financial activities and are strictly prohibited," the People's Bank of China said on its website. The price of Bitcoin fell more than 9%, to $41,085, in the hours after the announcement, as did most other crypto tokens. Ethereum skidded almost 10%, falling from…