Chinese regulators have tightened restrictions that ban financial institutions and payment companies from providing services related to cryptocurrency, marking a fresh crackdown on digital coins.

What are the new measures?

Three financial industry associations on Tuesday directed their members, which include banks and online payment firms, not to offer clients any services involving cryptocurrency, such as currency exchanges, registration, trading, clearing and settlement.

What were earlier rules in China's against Cryptocurrencies?

China does not recognise Cryptocurrencies as legal tender and the banking system does not accept Cryptocurrencies or provide relevant services.
In 2013, the government defined bitcoin as a virtual commodity and said individuals were allowed to freely participate in its online trade.