Friday , March 29 2024
Home / Crypto in China / FUD Again: Bitcoin Has No Value, Says People’s Bank of China’s Official

FUD Again: Bitcoin Has No Value, Says People’s Bank of China’s Official

Summary:
The Chinese government has continued its conscious efforts to eliminate the use of cryptocurrencies in the country by constantly reminding the general public of the risks associated with them. During a media briefing on August 27th, the deputy director of the Financial Consumer Rights Protection Bureau of the People’s Bank of China (PBoC), Yin Youping, stated that digital assets are nothing but mere investment speculations, a local news outlet reported. He warned investors to protect their “pockets” by staying away from any crypto-related transactions and increasing their awareness of the risks associated with such investments. “We remind the people once again that virtual currencies such as Bitcoin are not legal tender and have no actual value support,” he said. PBoC

Topics:
Mandy Williams considers the following as important: ,

This could be interesting, too:

Wayne Jones writes US Lawmakers Urge SEC to Confront Prometheum’s Custody Plans for ETH

Anthonia Isichei writes Munchables Hacker Returns Stolen Crypto Funds Worth Over Million

Andrew Throuvalas writes This Bitcoin OG May Come Back To Development After Craig Wright Court Loss

Chayanika Deka writes Ethereum’s Vitalik Buterin Challenges Hype: Metaverse Is Still Misunderstood

The Chinese government has continued its conscious efforts to eliminate the use of cryptocurrencies in the country by constantly reminding the general public of the risks associated with them.

During a media briefing on August 27th, the deputy director of the Financial Consumer Rights Protection Bureau of the People’s Bank of China (PBoC), Yin Youping, stated that digital assets are nothing but mere investment speculations, a local news outlet reported.

He warned investors to protect their “pockets” by staying away from any crypto-related transactions and increasing their awareness of the risks associated with such investments.

“We remind the people once again that virtual currencies such as Bitcoin are not legal tender and have no actual value support,” he said.

PBoC Working Hard to Stop Crypto Trading

Youping went on to say that the PBoC is taking drastic measures to ensure that crypto trading operations are halted by working with other top regulators to detect overseas exchanges and domestic traders and cracking down on every trading website, app, and corporate channel.

The PBoC is also planning to intensify its policy publicity and all other active channels to see that crypto trading is stumped out of the country.

Yin Youping further disclosed that the Central Bank will introduce a system that normalizes the crackdown on crypto-related operations, encouraging the general public to report any such activities promptly.

China Imposes Nationwide Crackdown on Crypto

In the past few months, the Chinese government intensified its crackdown on the crypto industry to eliminate the presence of the rapidly growing market in the country.

Continuing its long history of FUD, the country’s central bank mandated all banking and financial services companies in China to stop serving both individual and institutional crypto clients or risk having their licenses revoked.

The restrictions adversely affected the crypto industry, with bitcoin losing more than half of its value after hitting an all-time high in April. But the Chinese authorities did not stop there.

The Great China Mining Migration

The industry suffered another massive blow when the world’s most populated nation decided to target bitcoin miners within its borders, forcing them to stop their operations.

Following the nationwide crackdown, the Bitcoin blockchain experienced four consecutive negative mining readjustments for the first time in about ten years.

China, which was once home to more than half of the world’s bitcoin mining community, pushed miners to relocate to other crypto-friendly countries.

You Might Also Like:

Leave a Reply

Your email address will not be published. Required fields are marked *