Bank of China could take extreme measures against cryptocurrencies

TL;DR Breakdown • The Financial Protection department of the PBoC is one of the main regulators in China.• Bank Of China asks over 10 crypto platforms in Shenzhen to adjust their way of working. Recently the Director of the Financial Rights Protection agency at Bank Of China, Yin Youping, said that cryptocurrencies have no legal value, so they are not supported. These strong statements made cryptocurrency financial services agencies concerned that a new wave of regulations could be approaching China. According to the People’s Daily Online newspaper, the PBoC Director said that Bitcoin and other cryptocurrencies are assets of speculative value. Youping also dared to tell citizens in China to know and understand the risks of trading cryptocurrencies. Bank Of China activates monitoring plans in crypto transactions The Bank Of China official also anticipated that monitoring plans on crypto transactions would be re-activated. Regulators will use the support of national authorities to verify each crypto transaction from or abroad. The Bank also seeks to act against crypto websites to end decentralized commerce. The Bank will focus on crypto platforms, Dapps, and groups that support the virtual market in cryptocurrencies. The Bank Of China Protection Office is reportedly an active member of the crypto regulators group. This authority works with the Banking Regulation Commission that prevents illegal transactions based on virt...