China bans mining and all cryptocurrency transactions

Chinese authorities have long sought to cancel the use of cryptocurrencies in their country, with measures such as forcing banks to block transactions with digital currencies and going after those who mine them. Now, that fight against digital currencies has risen in level, as the People's Bank of China (PBC) issued a statement stating that all cryptocurrency-related transactions are illegal and should be banned. The PBC has called for a formal ban on all activities and transactions involving the use of cryptocurrencies, citing concerns about the national security and asset safety of the Chinese population. The bank claims that cryptocurrencies…