The People’s Bank of China Blasts Bitcoin And Crypto. Once Again.

For a minute there, it seemed like the FUD was over. The People’s Bank of China contributes to its country’s crypto-crackdown at the “Financial Knowledge Popularization Month,” reports People’s Daily Online from Beijing. Speaking at an event, Yin Youping, Deputy Director of the Financial Consumer Rights Protection Bureau of the People’s Bank of China, claimed: “We remind the people once again that virtual currencies such as Bitcoin are not legal tender and have no actual value support.” Related Reading | “The Death Of China’s Bitcoin Mining Industry,” 7 Takeaways From The Article Furthermore, Yin Youping classified all cryptocurrency-related investments as pure speculation. He advised the public to “consciously stay away” from the virtual assets to avoid unnecessary risk, and to “protect their “pocket.” Nothing crazy coming from a fiat-fuelled bureaucrat. An interesting new piece for China’s crypto-puzzle, nevertheless. Disclaimer: This article used Google-Translated quotes and information. Small inconsistencies are a possibility. What Else Did The People’s Bank Of China Said? Besides contributing to China’s crypto-crackdown, Yin Youping responded to the “rebound” in cryptocurrency trading in his country. The People’s Bank of China will: Work overtime to “detect overseas exchanges and domestic traders.” Block “trading websites, apps, and corporate channels.” Intensify “policy publ...