China Central Bank urges to stay away from cryptocurrencies

China’s central bank said digital currencies are not legal tender and have no intrinsic value.

China’s financial institute reports that transactions with cryptocurrencies are pure speculation, so it is necessary to stay away from them. This is a publication from community CryptoDeFix. Yin Yuping, deputy director of the Consumer Financial Protection Bureau of the China Central Bank, urged Chinese citizens to “protect their pockets” because bitcoin is not legal tender and has no real value.

“In response to the possible increase in cryptocurrency transactions, the Central Bank will work with relevant departments to identify foreign crypto exchanges and local traders, and block and take action against websites, applications and corporate channels,” Yin Yuping said.

The People’s Bank of China will continue to take strict measures to regulate cryptocurrency transactions.