China's crackdown on cryptos is escalating, with the People's Bank of China taking aim at transactions and Beijing making more moves to curb mining, Bloomberg reports.
Bitcoin (BTC-USD) is down 3% below $43K and Ethereum (ETH-USD) falling 7.5%.
Litecoin (LTC-USD) is off 5%, Binance Coin (BNB-USD) down 7%, Solana (SOL-USD) down 8%, Dogecoin (DOGE-USD) is off 7% and Cardano (ADA-USD) is falling 3%.
While specifics are sparse, according to Bloomberg the PBOC says all crypto-related transactions are illegal, crypto-related businesses are illegal financial activities and financial institutions are not allowed to provide services for crypto.
The declarations come from a Q&A posted on the PBOC website, Bloomberg TV says.
On the mining front, China's National Development and Reform Commission is banning investment and financial support in crypto mining projects.
Riot Blockchain (NASDAQ:RIOT) is off 4%, Marathon Digital (NASDAQ:MARA)falls 7%, Coinbase (NASDAQ:COIN)drops 2.5% and Bit Digital (NASDAQ:BTBT) is down 4%.
China's "Common Prosperity" plan has resulted in a host of crackdown on its biggest tech companies and crypto has also been in the crosshairs.