The People’s Bank of China (PBOC) has once again confirmed that it is not going to soften its position on cryptocurrencies. One of the NBK officials said that bitcoin has no “real value”.
According to the publication of the state media People’s Daily, one of the officials of the Central Bank of China spoke out regarding the status of cryptocurrencies. Yin Youping, deputy director of the Financial Consumer Protection Bureau of the People’s Bank of China, recently said that digital assets like bitcoin “are not considered legal tender and have no real value.”
“We remind people once again that crypto assets like bitcoin are not legal tender and have no real value. Cryptocurrency transactions are pure speculation and the public should raise their awareness of the risks, deliberately stay away from them and protect their pockets, ”Yupin said.
As it actively tests and prepares for the official launch of the digital yuan, China’s state cryptocurrency, the country’s government continues to tighten its policies on the cryptocurrency industry. At the request of the Central Bank of China, banks and financial institutions stopped serving any clients working with cryptocurrencies.
Earlier this month, the People’s Bank of China said it would continue to exert regulatory pressure on cryptocurrency trading and prohibit the industry. Recently, the Shenzhen branch of the People’s Bank of China (PBOC) announced that it plans to “immediately correct” the work of eleven companies involved in illegal cryptocurrency trading.
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