After weeks of crack downs in a variety of industries, China has turned its attention to the cryptocurrency market. The People's Bank of China issued a blanket ban on all cryptocurrency trading Friday with all forms of digital transactions and financing declared "illegal activities that are strictly prohibited."
In a statement on the PBOC's website, the central bank said the government will "resolutely clamp down on virtual currency speculation, and related financial activities and misbehavior in order to safeguard people's properties and maintain economic, financial and social order."
Overseas exchanges were also banned from using the Internet to provide services to mainland investors in China.
In a joint statement obtained by Reuters, 10 Chinese government agencies, including banking, securities and foreign exchange regulators as well as the central bank, said they will work in tandem and use "high pressure" to crackdown on speculative cryptocurrency trading.
However, there was no mention on the legality or illegality of the possession of cryptocurrency assets.
In the video above, Jim Cramer said cryptocurrency bulls are missing a critical part of China's intentions with the latest news. Cramer said China's targeting of cryptocurrency isn't about the currency, it's about government control.
"They [China] want total control over you and don't what your money hidden," Cramer said. "So they're outlawing it, plain and simple."
Recap TheStreet Live: Everything Jim Cramer Is Watching 9/24/21