China’s Central Bank, the People’s Bank of China, has declared on Friday that all crypto currency in the country is illegal.
The Asian giant on Friday banned overseas crypto exchanges from providing services to investors in the country.
This is part of its clampdown on crypto-currencies which began early this year.
In a fresh update on its website, the People’s Bank of China (PBOC) announced that it will ban financial institutions, payment companies, and internet platforms from facilitating cryptocurrency trading.
The regulator also noted that it will step up monitoring of risks from activities related to cryptocurrency.
The central bank also indends to establish a mechanism for early warning and stopping “hype” in crypto trading and mining activities.
As a result of the announcement, Bitcoin’s value dropped by as much as 4.5% on Friday while the value of Ether slumped by 6.5%