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China’s Central Bank Says Bitcoin Has No Actual Value

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Fri, 08/27/2021 - 05:04
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Alex Dovbnya
China’s central bank has made it crystal clear that it’s not going to soften its stance on cryptocurrencies
China’s Central Bank Says Bitcoin Has No Actual Value
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China’s central bank is not willing to change its long-standing hawkish stance on cryptocurrencies.

Yin Youping, deputy director of the Financial Consumer Rights Protection Bureau, recently said that digital assets of the likes of Bitcoin are not legal tender and have no “actual value,” according to Chinese government mouthpiece People's Daily

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He added that cryptocurrencies are “pure investment speculation,” urging people to steer clear of them. 

Due to the rising popularity of cryptocurrencies, the PBOC moved to ramp up its crackdown on crypto trading

The bank has also done a lot of work to “resolutely” clamp down on illegal cryptocurrency fundraising by cooperating with the China Banking and Insurance Regulatory Commission. 

The PBOC plans to establish a working mechanism to deal with cryptocurrencies in a more severe way. At the same time, it encourages people to report crypto-related crimes. 

Earlier this year, multiple Chinese provinces moved to shut down Bitcoin mining, effectively banning the entire industry and causing the “great migration” of miners.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.