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People’s Bank of China Official Warns Against Crypto Investments

The pressure is on as China maintains its hold on crypto.

Blockwatch
Photo by Liu Fuyu

In a shockingly cautious briefing from Yin Youping of the People’s Bank of China or PBoC, China has reportedly cracked down on its stance regarding Cryptocurrencies. 

Youping, who is the deputy director of the FInancial Consumer Rights protection Bureau of the Bank warns citizens to stay away from investments, directing attention to the country’s stance on it not being “legal tender” and having “no actual value.” Suffice it to say this is troubling news given during his briefing. 

After the session concluded, which apparently clashed with China’s “Financial Knowledge Popularization Month”, Youping described transactions of the digital nature being purely based around investment hype and advised the public to keep their distance from crypto investments. 

Though the government’s ongoing crusade of prosecution of the crypto industry, Youping definitely feels like the crypto trading operations within the country could be on the rebound. As such, the PBoC intends to double its efforts to block any and all trading websites, as well as corporate channels and even applications. 

In fact, right now the PBoC is in the process of developing systems to monitor as well as combat digital currency usage. What’s more, they’re working with the China Banking and Insurance Regulatory Commission to achieve their goal.

On top of all that, the local government has decided to take action against crypto activities as well, particularly in stopping them from taking place. Yingjang County regulators have requested the hydropower plants to cut off the power supply for those mining crypto in the area. 

They’ve also requested the powerplants to notify the National Development and Reform Commission after they’re done delisting crypto miners off of their respective grids. Talk about bringing down the hammer. While the country itself has reportedly started making efforts to redirect saved electricity to build an infrastructure for electric cars, many miners from China are settling abroad in more crypto-friendly countries. 

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