The People’s Bank of China (PBoC) has reinstated its stance on cryptocurrency, reminding people that digital currencies such as Bitcoin are not legal tenders and have no actual value support.

  • At a recent media briefing, Yin Youping, director of the Financial Consumer Rights Protection Bureau of the People’s Bank of China, said the crypto-related transactions are pure hype.
  • Yin also revealed the Bank’s future strategy that will monitor overseas exchanges and domestic traders in 2021 to “rebound in virtual currency trading operations.” It will also ban trading websites, apps, and corporate channels that promote crypto in the country.
  • The Bank actively works with the lead department of the China Banking and Insurance Regulatory Commission. It has made a significant contribution by combating and shutting down illegal fund-raising activities using digital currency and blockchain.
  • The Bank will establish a normalized working mechanism and continue maintaining high-pressure situations with a nationwide crypto crackdown. 
  • He also requested the public to immediately report to the concerned departments if they find any clue about illegal fund-raising crimes.

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