China keeps pressuring crypto as it looks to finish it off
It has been reported that China continues to crack down crypto in the country to prevent its 1.4 billion population any access to cryptocurrencies.
Attending to local media, the deputy director of the Financial Consumer Rights Protection Bureau of the People’s Bank of China (PBoC), Yin Youping, reassured that the central bank will maintain a “high-pressure situation” and continue to crack down on digital currency-related transactions. In the public reminder, the official stated that Bitcoin and other digital currencies “are not legal tender and have no actual value.”
Youping’s words coincide with China’s “Financial Knowledge Popularization Month,” as he further said that digital currency-related transactions are solely investment hype. He believes that the public should be aware of the risks associated and stay away from any crypto investments.
Although the government is not backing away from prosecuting the crypto industry, Youping said that there is possibility of a rebound in crypto trading operations in China. Nonetheless, to combat this rise, the PBoC is collaborating with local authorities and the China Banking and Insurance Regulatory Commission to detect activity using offshore crypto exchanges. It will also intensify efforts to block trading websites, apps and corporate channels.
The latest ‘briefing’ comes after local authorities in the 9.6 million km2 large country, have proactively been acting to stop crypto activities. As an example, Yingjiang County has demanded that its hydropower plants stop supplying power to crypto miners in the area.
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Author: Peter Siu