China on Friday intensified its crackdown on digital assets by banning all cryptocurrency transactions, in what’s been seen as the country’s strongest restriction on the sector so far. On Friday, the People’s Bank of China said in a statement that virtual currencies “are not legal and should not and cannot be used as currency in the market.” They do not have the same legal standing as fiat currency, the central bank added, since they are issued by non-monetary authorities and use encryption technology. The move came after the Asian superpower banned cryptocurrency mining and barred financial institutions from offering cryptocurrency...