The People’s Bank of China stated that the operations with cryptocurrencies are speculation, so they need to “stay away” from them, according to the newspaper “Guenmin Zibao”.
Deputy Director of the Bureau for the Protection of Consumer Rights of Financial Services Central Bank Yin Jupin urged the Chinese to “protect their pockets”. He recalled that Bitcoin is not recognized as a legitimate payment facility, and therefore he does not have a real value.
“The Central Bank will be jointly with the relevant departments to identify foreign cryptobiri and local traders, as well as take measures against sites and applications, up to blocking,” said Jupin. Citizens should immediately inform the authorities if they learn about illegal operations with digital assets.
Earlier, one of the first cryptochildren of China and the founder of BTC China CHINA Cryptobyrius Li suspected the PRC authorities in the desire to completely prohibit the storage of Bitcoin and other digital currencies.
He believes that the Chinese authorities announced Bitcoin’s war due to unwillingness to deal with an unregulated financial product. Lee also advised Mainers to sell his equipment until it fell very much. China has previously forbade major financial institutions of the country to conduct operations with cryptocurrency.