{"id":470284,"date":"2021-08-27T13:23:14","date_gmt":"2021-08-27T13:23:14","guid":{"rendered":"https:\/\/wncen.com\/?p=470284"},"modified":"2024-06-11T13:58:06","modified_gmt":"2024-06-11T13:58:06","slug":"the-peoples-bank-of-china-bitcoin","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/the-peoples-bank-of-china-bitcoin\/","title":{"rendered":"The People\u2019s Bank of China Blasts Bitcoin And Crypto. Once Again."},"content":{"rendered":"

For a minute there, it seemed like the FUD was over. The People\u2019s Bank of China contributes to its country\u2019s crypto-crackdown at the “Financial Knowledge Popularization Month,”<\/span> People’s Daily Online<\/span><\/a> reports from Beijing. Speaking at an event, Yin Youping, Deputy Director of the Financial Consumer Rights Protection Bureau of the People\u2019s Bank of China, claimed:\u00a0<\/span><\/p>\n

“We remind the people once again that virtual currencies such as Bitcoin are not legal tender and have no actual value support.”\u00a0<\/span><\/p><\/blockquote>\n

Related Reading | \u201cThe Death Of China\u2019s Bitcoin Mining Industry,\u201d 7 Takeaways From The Article<\/a><\/strong><\/em><\/p>\n

Furthermore, Yin Youping classified all cryptocurrency-related investments as pure speculation. He advised the public to \u201c<\/span>consciously stay away<\/span><\/i>\u201d from virtual assets to avoid unnecessary risk, and to <\/span>\u201cprotect their “pocket.”<\/span><\/i> Nothing crazy coming from a fiat-fuelled bureaucrat. Nevertheless, an interesting new piece in China\u2019s crypto-puzzle.<\/span><\/p>\n

Disclaimer: <\/b>This article used Google-Translated quotes and information. Small inconsistencies are a possibility.\u00a0<\/span><\/h6>\n

What Else Did The People\u2019s Bank Of China Said?<\/span><\/h2>\n

Besides contributing to China\u2019s crypto-crackdown, Yin Youping responded to the \u201crebound\u201d in cryptocurrency trading in his country. The People\u2019s Bank of China will:<\/span><\/p>\n

    \n
  • Work overtime to \u201c<\/span>detect overseas exchanges and domestic traders.<\/span><\/i>\u201d<\/span><\/li>\n
  • Block \u201c<\/span>trading websites, apps, and corporate channels<\/span><\/i>.\u201d<\/span><\/li>\n
  • Intensify \u201c<\/span>policy publicity,<\/span><\/i>\u201d to let everyone in China know the law of the land.\u00a0<\/span><\/li>\n
  • Establish \u201c<\/span>a normalized working mechanism<\/span><\/i>\u201d and continue to crack down on cryptocurrency transactions.\u00a0<\/span><\/li>\n
  • Maintain \u201c<\/span>a high-pressure situation.<\/span><\/i>\u201d<\/span><\/li>\n<\/ul>\n

    The People\u2019s Bank of China’s aim is pretty clear. And it seems to be working, Youping claimed that \u201c<\/span>the popularity of virtual currency trading has dropped significantly.<\/span><\/i>\u201d The Deputy Director also encouraged the general public to report \u201c<\/span>illegal fund-raising crimes<\/span><\/i>\u201d to the relevant authorities.<\/span><\/p>\n

    \"BTCUSD<\/p>\n

    BTC price chart for 08\/27\/2021 on Bitstamp | Source: BTC\/USD on TradingView.com<\/a><\/pre>\n
    Does This Offer Insight Into China\u2019s Crypto Strategy?<\/span><\/h2>\n
    In a thread summarizing the case, Chinese journalist Colin Wu gave us inside information that wasn\u2019t part of the article. \u201c<\/span>By blocking exchanges and strengthening policy publicity, China’s popularity has dropped significantly<\/span><\/i>.\u201d<\/span><\/p>\n
    \n
    3. By blocking exchanges and strengthening policy publicity, China's popularity has dropped significantly
    4. Crack down on illegal fund-raising activities with virtual currency and blockchain.<\/p>\n
    — Wu Blockchain (@WuBlockchain) August 27, 2021<\/a><\/p><\/blockquote>\n