China vows to tighten virtual currency restrictions

BEIJING, Feb 6 (Reuters) - China on Friday pledged to further tighten restrictions on virtual currencies and related illicit business activities, according to a notice released by China's central bank.

"Virtual currencies do not have the same legal status as fiat currencies," the Chinese authorities said, adding that business activities related to virtual currencies are "illegal financial activities."

Without official approval "domestic entities and their controlled overseas entities are prohibited from issuing virtual currencies overseas," according to the statement.