Friday, May 20, 2022

PBoC Announces To “Maintain High-Pressure Situation” On Crypto Industry In Country

The People’s Bank of China (PBoC) has once again circulated a public reminder regarding a crypto crackdown in the country. 

During an interaction with a local media, the central bank of the country stated that private cryptocurrencies like Bitcoin and Ethereum “are not legal tender and have no actual value.”

PBoC, in its public statement, has referred to crypto transactions as “pure hype”. It further stated that if the public wants to protect their pockets, then they should stay away from cryptocurrencies. 

While interacting with People’s Daily Online, Yin Youping, the deputy director of the Financial Consumer Rights Protection Bureau of the PBoC, stated that all the crypto-related transactions are based on pure investment speculation. He further said, “We remind the people once again that virtual currencies such as Bitcoin are not legal tenders and have no actual value support.”

A few months ago, China already imposed a crackdown on crypto-related activities, but there is still a possibility of rebounding crypto trading operations in the country. 

During his interview with the local media, Youping stated that PBoC is planning to take the help of local authorities to identify those crypto traders, who are using offshore crypto exchanges to buy cryptocurrencies. After detecting those exchanges the central bank will increase its efforts to ban those trading websites, apps and corporated channels in the country.

As per the report, the central bank of China has recently, collaborated with the China Banking and Insurance Regulatory Commission to build a digital currency monitoring and combating system.

Following the footprints of the Chinese central bank, the local governments have also started taking measures to ban crypto activities in their province. 

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