Central Bank of China urges to ‘stay away’ from bitcoin & cryptocurrencies

The People’s Bank of China (PBOC) has urged investors to ‘stay away’ from bitcoin and cryptocurrencies, Report informs, referring to the People’s Daily newspaper.

The bank stressed that such digital assets aren’t legal tender in the country and have no intrinsic value.

According to the regulator, operations related to cryptocurrencies are pure speculation. Therefore, the bank urged to ‘stay away’ from such assets.

Yin Yuping, deputy head of the Financial Services Consumer Protection Department at the PBOC, noted that Chinese citizens should ‘protect their wallets’ since bitcoin is not legal tender and has no real value.

“In response to a possible increase in the number of operations with cryptocurrency, the Central Bank will, together with the relevant departments, identify foreign crypto exchanges and local traders, and also take measures against websites, applications, and corporate channels by blocking them,” he explained.

The Central Bank of China will continue to tighten measures against cryptocurrency transactions. The Chinese citizens were urged to report to the relevant departments if they accidentally find out about illegal transactions with digital assets.