China Just Made All Cryptocurrency Transactions Illegal Arguing that digital-backed assets are a threat to society. Various digital currency coins. jpgfactory / iStock The Middle Kingdom is cracking down on crypto (again). China's central bank has declared all cryptocurrency-backed transactions illegal within its borders, arguing for the ban of digital currency amid national concerns about the country's borders and "safety of people's assets," according to an initial report from Tech Crunch . The most populated nation on Earth also banned foreign exchanges from providing services to users within its borders. China says crypto trading is a threat to 'the social...