In Brief:
- Yin Youping, reportedly, said cryptocurrencies are purely speculative assets.
- The Central Bank will continue its efforts to crack down on and block trading websites, applications, and corporate channels.
China has reportedly been alarmed about Bitcoin and crypto in light of its recent crackdown. It laid out a public reminder saying these currencies “are not legal tender and have no actual value.”
In a local media briefing, Yin Youping of PBoC said that cryptocurrencies are purely speculative assets. He also advised the public to increase its risk awareness and stay away from the crypto market to “protect their pockets.”
The deputy director of the Financial Consumer Rights Protection Bureau said the central bank will maintain a “high-pressure situation”. He added that the central bank will continue to crack down on digital currency-related transactions.
The briefing was held during China’s “Financial Knowledge Popularization Month”. Despite the government’s continued undertaking of the crypto industry, Youping cited the possibility of a pick-up in crypto trading operations in China. As an antidote, the PBoC will work with local authorities to detect traders using offshore crypto exchanges. The bank will increase efforts to block trading websites, apps and corporate channels.
The PBoC is reportedly working with the China Banking and Insurance Regulatory Commission to develop systems for monitoring and combating the use of digital currencies.
Also Read: Chinese Court Says Crypto is Not Protected By Law
Youping explained that PBoC’s next step will be establishing a normalized working mechanism. It will continue to put high pressure on illegal cryptocurrency-related operations. It will also continue to crack down on crypto-related transactions.
Lastly, the report states that “if the general public finds clues about illegal fund-raising crimes, they must promptly report to the relevant departments.”
