Central Bank of China: We will continue to crack down on cryptocurrencies
Cryptocurrency investors who had hoped for a softer stance from China on cryptoactives are frustrated by the Chinese government’s new publication.
Instead of easing pressure on the cryptocurrency market, China government said they will intensify the crackdown even further.
According to the authorities, repression will increase because cryptocurrencies “have no legal tender or real value.”
Yin Youping, deputy director of the Consumer Rights Protection Office of the People’s Bank of China (PBoC), said the central bank will maintain a “high pressure situation”. In other words, it will continue to clamp down on this market.
In addition, Youping stated that the transactions related to cryptocurrencies are pure investment advertising campaigns. Therefore, it has no real economic foundation and the public should stay away from cryptocurrencies.
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Youping also mentioned the possibility of carrying out coordinated operations to further curb the cryptocurrency market.
He said the PBoC will work with local authorities to detect traders using offshore cryptocurrency exchanges. As a result, efforts to block corporate websites, applications and channels will increase.
The PBoC is reportedly working with the China Banking and Insurance Regulatory Commission to develop systems to monitor and combat the use of cryptocurrencies of any kind in any type of transaction.
But it is not just the PCoB that is wanting to ban cryptocurrencies in the country. Local governments have also begun to take proactive steps to stop activities involving cryptocurrencies.
Yingjiang county regulators have called on hydroelectric plants to cut power to cryptocurrency miners.