As a result of a joint statement released by China’s central bank and nine other government departments, any economic activity utilising “cryptocurrency” is considered “illegal financial activity” and therefore banned under Chinese law. Illegal financial activities include the operation of bitcoin exchanges in other countries that offer internet services to Chinese citizens. By banking institutions and other non-bank payment companies, the supply of cryptocurrency-related services is strictly forbidden. According to government authorities, China is anticipated to tighten regulations on internet content and access, market entity registration, and cryptocurrency promotion in the coming years. China’s National Development and Reform Commission (NDRC)…