Bitcoin has no value: People’s Bank of China official announces new crackdown

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Bitcoin (CRYPTO: BTC) and other cryptocurrencies “are not legal tender and have no medium of real value,” according to deputy director of the Financial Consumer Rights Protection Bureau of the People’s Bank of China (PBoC) Yin Youping.

What Happened: According to a report from local People’s Daily Online media outlet, Youping said cryptocurrencies are purely speculative assets. He also advised the public to increase their risk awareness and stay away from the crypto market to “protect their pockets.”

The PBoC official also said that in anticipation of a possible rebound in the crypto market and their related operations in China, the central bank will monitor overseas cryptocurrency exchanges and domestic traders collaboratively. with the competent authorities.

What Else: The institution is also planning to crack down on the space by blocking corporate crypto trading websites, apps, and channels.

According to the report, the PBoC – being a member of the Joint Conference to Combat Illegal Fundraising – is actively cooperating with the main department of the China Banking and Insurance Regulatory Commission.

As a result of this collaboration, the regulator created systems aimed at surveillance, early warning, advertising, education, and the global fight against illegal fundraising fueled by cryptocurrencies and blockchains.

Read also: Cuba would seek to recognize the crypto at the national level

Youping explained that the next step for the PBoC will be to establish a standardized working mechanism, continue to put strong pressure on illegal cryptocurrency-related operations, and continue to crack down on cryptocurrency-related transactions. .

Finally, the report suggests that “if the general public finds clues about illegal fundraising crimes, they should promptly report it to the appropriate departments.”

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