China: All crypto-related transactions are illegal

China’s central bank said that all transactions related to cryptocurrency are illegal and should be banned, considering that it “is not a currency and cannot be traded in the market.”

He stressed that “all cryptocurrencies, including Bitcoin and Tether, and all crypto-related transactions, including services provided by foreign markets to local residents, are illegal financial activities.”

Bitcoin is down as much as 4.5% on Friday. Ethereum also fell, along with other crypto-related stocks.