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China says it finds Bitcoin worthless

Şükriye Akdeniz

Aug 27, 2021

Bank of China says digital assets like Bitcoin are not legal money

In China, the government took precautions against many situations such as the production of crypto assets and trading with crypto assets. The government, which bans the continuation of many transactions, is quite determined to maintain its harsh stance on this issue. According to the People's Daily, a spokesperson for the Chinese government, Yin Youping, deputy director of the Financial Consumer Rights Protection Bureau, recently said that digital assets such as Bitcoin are not fiat currency and have no "real value".
Youping also urged people to stay away from cryptocurrencies while saying that cryptocurrencies are “pure investment speculation.”
Due to the growing popularity of crypto, the PBOC has begun to increase its pressure on crypto trading. The Central Bank has also done a lot of work to strictly restrict illegal cryptocurrency fundraising, working with the China Banking and Insurance Regulatory Commission. However, the PBOC aims to establish a working mechanism to tackle it more seriously with cryptocurrencies.

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