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- According to a spokesperson for the People’s Bank of China, the general population should be more risk averse and avoid crypto investments
- Youping remarked during the briefing that digital currency-related transactions are pure investment hype, which happened to be held during China’s Financial Knowledge Popularization Month
- According to reports, the PBoC is collaborating with the China Banking and Insurance Regulatory Commission on developing mechanisms to monitor and counteract the usage of digital currencies
According to a spokesperson for the People’s Bank of China, the general population should be more risk averse and avoid crypto investments. China has reportedly intensified its crypto crackdown by reminding the public that Bitcoin (BTC) and other digital currencies are not legal money and have no actual value.
Yin Youping, deputy director of the People’s Bank of China’s (PBoC) Financial Consumer Rights Protection Bureau, stated in a local media briefing that the central bank will maintain a high-pressure scenario and continue to crack down on digital currency-related transactions.
Youping remarked during the briefing that digital currency-related transactions are pure investment hype, which happened to be held during China’s Financial Knowledge Popularization Month.
According to Youping, the general public should be more risk averse and avoid crypto investments. Despite the government’s continuous prosecution of the crypto business, Youping predicted that crypto trading operations in China might recover.
As a countermeasure, the PBoC will collaborate with local authorities to identify traders who use offshore crypto exchanges, and will strengthen efforts to prohibit trading websites, applications, and corporate channels as a result.
According to reports, the PBoC is collaborating with the China Banking and Insurance Regulatory Commission on developing mechanisms to monitor and counteract the usage of digital currencies.
Local governments in China have begun taking proactive measures to halt crypto activity, in addition to the PBoC’s pressures. Yingjiang County regulators have urged hydropower stations to cut off power to crypto miners in the area.
After delisting crypto miners from their individual grids, power plants are also required to notify the National Development and Reform Commission.
While Chinese miners continue to relocate to nations with crypto-friendly rules, the country has apparently begun to use the saved electricity to construct infrastructure for electric vehicles.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
