The People’s Bank of China, the country's central bank, has announced that all transactions of crypto-currencies are illegal, effectively banning digital coins. "Virtual currency-related business activities are illegal financial activities," the bank said. It added that cryptocurrencies, including Bitcoin and Tether, are not fiat currencies and cannot be circulated. Just a few months back, China imposed rules barring banks from offering crypto-related services, pushing traders to over-the-counter platforms and offshore exchanges. However, the new ban goes much further, targeting services provided by offshore exchanges. In May, the People’s Bank of China announced that financial services companies and payment services would...