China's central bank says cryptocurrency transactions are illegal

China is continuing to push forward in its cryptocurrency crackdown. The People's Bank of China says crypto transactions are illegal and called for a formal ban. It cited concerns about national security and the safety of residents' assets. The bank claims cryptocurrencies aren't fiat currency and can't be circulated, as Bloomberg reports. Any transactions involving crypto are now deemed to be criminal financial activity. The bank told financial and internet companies to stop allowing crypto tra...