"Recently, crypto currency prices have surged and plunged, and speculative cryptocurrency trading has rebounded, gravely jeopardising the protection of people's property and disturbing the normal economic and financial order," they said in a statement.

China has outlawed cryptocurrency exchanges and initial coin offerings, but not cryptocurrency ownership.

China has imposed a ban on Financial institutions and payment businesses have been barred from providing services connected to cryptocurrency transactions, and investors have been warned against engaging in speculative cryptocurrency trading.

It was China's most recent move to stifle a developing digital trading economy. Such institutions, including banks and online payment channels, are prohibited from providing clients with any cryptocurrency-related services under the ban.registration, trading, clearing, and settlement, according to a joint statement released by three industry groups on Tuesday.