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- Bitcoin and crypto assets again received a hit from the Chinese central bank
- In a recent event, Yin Youping reminded the Chinese residence that digital assets are no legal tenders
- Youping also classified all crypto-related investments is pure speculation
- PBOC will establish a normalized working mechanism and will continue to crack down on digital currency transactions
Bitcoin and the crypto market have faced heavy turbulence after attracting the world with their tremendous performance. Celebrity words and the Chinese crackdown were among the primary reasons that caused the mid-May crash. However, the prices began to recover in recent weeks, and the scenario seemed like the FUD in the cryptosphere was over. The People’s Bank of China has again contributed to its nation’s crackdown. At the Financial Knowledge Popularization Month, the People’s Daily Online report from Beijing again reminded the residents that BTC is still not a legal tender in the country.
Bitcoin and crypto have no actual value support
Yin Youping, Deputy Director of the Financial Consumer Rights Protection Bureau of PBOC, has spoken at the “Financial Knowledge Popularization Month” event. In the event, the Deputy Director reminded their citizens that crypto-assets like BTC are not legal tenders. Moreover, he also highlighted that such crypto coins have no actual value support.
Youping also classified all crypto-related investments as pure speculation. And advised the Chinese residence to stay away from such assets consciously. Yin believes that staying away from such assets will help protect them from unnecessary risk. Ultimately, staying away from cryptocurrencies will protect the hard-earned funds.
Contribution to crack wasn’t enough
Public’s Bank of China has added some more statements with its latest crypto-crackdown. In the event, Yin has responded to the rebound in crypto trading in China and added some measures that the central bank would take soon.
PBOC will work overtime to detect foreign digital assets exchange and domestic traders. All the trading websites, applications, and corporate channels will be prohibited in the country and blocked. Moreover, the Chinese central bank will also intensify policy publicity to allow everyone in the nation to know the law of the land.
Furthermore, PBOC will establish a normalized working mechanism and will continue to crack down on digital currency transactions. Following the scenario, it seems the bank is prepared to maintain a high-pressure situation in the industry.
China’s popularity plunged significantly
Chinese local journalist Colin Wu has revealed that crypto popularity has dropped significantly. According to data from Chanalysis, surprisingly the Peer-to-Peer trading has declined dramatically in the region. Indeed, the high-pressure situation generated by the PBOC will help increase both the aforementioned aspects.
