The People’s Bank of China Made All Crypto-Related Transactions Illegal

China has finally expanded its crypto-crackdown outside the mining industry. The People’s Bank of China (PBOC) today declared that all transactions involving virtual currencies—with one major exception that we’ll discuss in a little bit—are illegal.

The PBOC said when it issued new crypto-related rules in June that “virtual currency trading speculation activities disrupt the normal economic and financial order, breed the risk of illegal and criminal activities such as illegal cross-border asset transfer and money laundering, and seriously infringe on the property safety of the people.”