China’s central bank has declared all cryptocurrency-related transactions illegal while vowing to crack down on the virtual currency market. The People’s Bank of China said in a statement, translated by CNBC, that services offering trading, order matching, token issuance, and derivatives for virtual currencies are strictly prohibited. Overseas crypto exchanges providing services in mainland China are also illegal, the PBOC said. “Overseas virtual currency exchanges that use the internet to offer services to domestic residents is also considered illegal financial activity,” the statement said. Workers of foreign crypto exchanges will also be investigated, it added. Cryptocurrencies, including Bitcoin and Tether, are among those specifically cited as not being “fiat money” and cannot be circulated, according to the bank’s statement, Bloomberg reported on Friday. The PBOC said it has also taken steps to improve its monitoring of crypto-related transactions. “Financial institutions and non-bank payment institutions cannot offer services to activities and operations related to virtual …