China on Friday escalated its crackdown on cryptocurrency trading, issuing a nationwide ban on crypto mining and reiterating that all virtual currencies were considered illegal in the country.

In a joint statement published by China’s central bank, the People’s Bank of China, 10 government agencies vowed to “resolutely clamp down” on the industry in the name of national security and social stability.

“Virtual currency does not have the same legal status as legal currency,” it said, naming cryptocurrencies Bitcoin, Ethereum and USDT. The notice said it was illegal for any overseas exchange to provide trading services to investors in China via the Internet, reiterating regulators’ previous position. Bitcoin shares dropped as much as 5 percent on Friday following the announcement.

Another notice released on Friday by China’s National Development and Reform Commission banned all crypto mining as part of China’s pledges to reduce carbon emissions to meet climate change goals. Bans were previously ordered by individual provinces.

Read more: Washington Post