China deems all cryptocurrency transactions illegal

China's central bank declared on Friday that all cryptocurrencies are illegal, banning crypto-related transactions and cryptocurrency mining, according to Reuters.

Why it matters: China's government is now following through with its goal of cracking down on unofficial virtual currencies, which it has said are a financial, social and national security risk and a contributor to global warming.

By the numbers: The price of Bitcoin has fallen almost 4% in the past 24 hours, while Ethereum has dropped by more than 8%, according to Coinbase.

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