The Chinese central bank on Friday issued a statement underlining that cryptocurrencies did not enjoy the approval of the authorities and that virtual currency transactions were "illegal" for altering the economic and financial order.

The People's Bank of China, along with nine other Chinese government institutions such as the Cyberspace Administration and the Ministry of Public Security, pointed out that virtual currency transactions facilitated several illegal criminal activities such as money laundering, illegal fundraising, fraud and pyramid schemes, among others.