Chinese government declares all cryptocurrency transactions illegal

The central bank of China reiterated its stance on cryptocurrencies on Friday, releasing a note that it banned cryptocurrency transactions and made it illegal for foreign exchanges to serve Chinese people. "Cryptocurrency-related business activities are illegal financial activities," said the People's Bank of China. Said in the notification Posted on that website on Friday afternoon. They accused cryptocurrencies of "disrupting economic and financial order" and promoting "illegal and criminal activity" such as gambling, fraud, prayers, money laundering and theft. Also: [Bitcoin and 11 or more cryptocurrencies you need to know](//www.zdnet.com/article/cryptocurrencies-you-need-to-know/) The notice explicitly names Bitcoin, Ethereum and TEDA and states…