China bans crypto trading and mining, bitcoin drops

The Chinese government further tightened the screws on bitcoin and other cryptocurrencies on Friday, vowing to root out what it called “illegal” activity. The People’s Bank of China (PBOC) banned crypto mining nationwide, saying cryptocurrencies must not circulate in markets as traditional currencies and that overseas exchanges are barred from providing services to mainland investors via the internet. The PBOC also barred financial institutions, payment companies and internet firms from facilitating cryptocurrency trading. China’s central bank said in a statement on its website that Beijing will “resolutely clamp down on virtual currency speculation, and related financial activities and misbehavior in…