Explainer: What Beijing's new crackdown means for crypto in China Reuters | May 19, 2021 11:19 PM EDT A small toy figurine is seen on representations of the Bitcoin virtual currency displayed in front of an image of China's flag in this illustration picture (Photo : REUTERS/Dado Ruvic/Illustration) Chinese regulators have tightened restrictions that ban financial institutions and payment companies from providing services related to cryptocurrencies, marking a fresh crackdown on digital money. Compared with a previous ban issued in 2017, the new rules greatly expanded the scope of prohibited services, and judged that "virtual currencies are not supported by any real value". Advertisement