In accordance with a column in the Chinese Global Times tabloid, Bitcoin and other digital currencies are becoming tools for fraud. Qu Qiang laid an emphasis on virtual currencies, especially Bitcoin, which fall under the competence of public security departments for the identification of frauds in investments.
Bitcoin and Other Altcoins are Illegal, Says Chinese Global Times
Qu Qiang, an author, industry expert, and professor of the Peking University and the Renmin University of China, revealed that cryptocurrencies hamper the legit currency order of the country.
In accordance with the author, the Bitcoin protocol may have appeared as another electronic encryption tool, its distributed nature, dealing anonymity, high level of encryption, and hacking complications.
In addition to this, the author noted an estimation regarding the scale of the global shadow economy using digital currencies at $20 trillion and stated:
“The rapid expansion of the shadow economy can’t be separated from the virtual currencies growth including Bitcoin, the author concludes.”
The recent crackdown on crypto by China is an answer to all of this, and in his opinion, Bitcoin is an impressive means of payment and accounting.
Officially Issued Currencies Will be an Advantage
The experts at the Global Times have confirmed the stability of the Bitcoin ecosystem and the desire of China to fight the illegal activities they are used. The fight is not against digital currencies. Fixing the big shadow economy is quite difficult to kill, and it will continue to exist for a long time, along with the legit digital currencies of various countries.
They cleared out that they are not calling Bitcoin illegal, or that it is a fraud, they are saying that some of the cryptos are fraud and illegal. Most probably, they are talking about the coins that have zero value and those which were rug pulls.
In addition to this, it authenticated that Bitcoin is so strong that it can never be got rid of.
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