China vows to ‘clamp down’ on cryptocurrency trading, bans crypto mining

China on Friday escalated its crackdown on cryptocurrency trading, issuing a nationwide ban on crypto mining and reiterating that all virtual currencies were considered illegal in the country.

In a joint statement published by China’s central bank, the People’s Bank of China, 10 government agencies vowed to “resolutely clamp down” on the industry in the name of national security and social stability.