Beijings Latest Move Comes As Part Of A Broader Effort To Clamp Down On Financial Risk

China intensifies its crackdown on cryptocurrency

Beijing's latest move comes as part of a broader effort to clamp down on financial risk

China's central bank has announced a blanket ban on all cryptocurrency transactions, intensifying its crackdown on the digital asset class.

The People's Bank of China (PBOC) said in a statement on Friday that all cryptocurrency-related financial activities are "illegal" and will be banned. This includes trading, lending, and initial coin offerings (ICOs).

The PBOC's move is the latest in a series of measures taken by Beijing to clamp down on financial risk. In recent months, the government has also cracked down on peer-to-peer lending, online lending, and shadow banking.

China's hostile stance regarding crypto dates back to Dec. 5, 2013, when the PBoC, the Ministry of Industry and Information Technology, the China Banking Regulatory Commission, the China Securities Regulatory Commission, and the China Insurance Regulatory Commission jointly issued a notice banning financial institutions from conducting Bitcoin-related businesses.

The latest ban is a sign that the Chinese government is taking a hard line on cryptocurrency. It is likely to have a significant impact on the cryptocurrency market, as China is one of the largest markets for digital assets.