Chinese Bank Officials said they are Planning to Ban Cryptocurrency Mining

China's central bank has issued its strongest warning yet about the country's determination to crack down on the cryptocurrency industry, stating that all cryptocurrency-related transactions are illegal and must be halted. Ten Chinese government entities issued a joint statement pledging to maintain a "high-pressure" crackdown on cryptocurrency trading speculation. The People's Bank of China considers all cryptocurrencies, including bitcoin and tether, to be non-fiat currency and thus cannot be traded on the open market. According to the People's Bank of China (PBOC), any cryptocurrency transaction constitutes criminal financial activity. Furthermore, financial institutions, payment companies, and internet companies would be prohibited…