People’s Bank Of China Official Says BTC Has No Value: Report

People’s Bank of China official said that Bitcoin has no real value, once again reiterating its warning against BTC and other cryptocurrencies also saying that they are no legal tenders so let’s read more in our latest bitcoin news today.

The Chinese government continued its conscious effort to eliminate the use of crypto in the country by reminding the public of the risks associated with them. During a media briefing, the deputy director of the Financial Consumer Rights Protection Bureau of People’s Bank of China Yin Youping who stated that digital assets are nothing but investment speculation. He warned investors to protect themselves by staying away from the crypto-related transactions and increase their awareness of the risks associated with these investments:

“We remind the people once again that virtual currencies such as Bitcoin are not legal tender and have no actual value support.”

Youping went on to say that PBoC is taking drastic measures to ensure that the crypto trading operations are halted by working with other top regulators to detect overseas exchanges and the traders from within and cracking down on each trading website, corporate channel, and app. The PBC is planning to enhance the policy publicity and other active channels to see that crypto trading is stumping out of the country. Yin Youping disclosed that the Central Bank will introduce a system that normalizes the crackdown on crypto operations and will encourage the general public to report these activities.

People’s Bank of China officials said that the government will intensify the crackdown on the crypto industry to eliminate the presence of the growing market in the country. Counting the long history of FUD, the country’s central bank mandated all of the banking and financial services companies in China to stop serving institutional and individual clients or risk having their licenses revoked. The restrictions affected the crypto industry and with BTC losing half of its value, the Chinese authorities won’t stop here. The industry suffered a huge blow when the world’s most populated nation decided to target BTC miners within the borders and forced them to stop their operations. The BTC blockchain also experienced negative mining readjustments for the first time in 10 years and China which was once home to more than half of the world’s BTC mining community, saw its miners relocating to other crypto-friendly countries.

Source: https://www.dcforecasts.com/bitcoin-news/peoples-bank-of-china-official-says-btc-has-no-value-report/