Connect with us



People’s Bank of China Official Warns Against Crypto Investments

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

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. 


Trending Articles




The company's COO made a heartfelt Twitter thread thanking the company for her time there, and has confirmed she's moving onto something bigger and...


BitOasis finds itself under the wing of the UAE's new crypto regulator.


The Will Smith Inu is currently experiencing a surge, but will it last?


Bank Leumi, one of the 2 largest banks in all of Israel, is all set to enable the holding, buying, and selling of cryptocurrency.

Blockwatch is a news and information site on crypto, digital assets, NFTs, crypto investing, and the future of money. Blockwatch is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Blockwatch is an independent operating subsidiary of Ubiquitous, Inc, which invests in cryptocurrencies and blockchain startups.

Copyright © 2022 Blockwatch™ Media, Inc. Blockwatch™ Media is a Ubiquitous company. All rights reserved.