China says private crypto has no “actual value”

Cryptocurrencies have “no actual value” and are not a legal tender, according to the People’s Bank of China (PBoC).

China’s financial institutions and regulators are continuing to raise awareness of the dangers of using private cryptocurrencies, such as Bitcoin and Ethereum.

The deputy director of the Financial Consumer Rights Protection Bureau of the PBoC, Yin Youping, vowed that the bank would continue to crack down on what it considers illegal digital transactions.

He warned that such transactions are “investment hype” and there should be greater awareness of the risks among members of the public who are tempted to experiment with cryptocurrencies.

PBoC cautioned that it will be working with local authorities beyond its state borders to ensure that offshore operators are taken action against.

Websites, apps and other entities involved in crypto trading will also come under fire, the PBoC warned.

Regulators have asked energy companies to target and cut power to suspected crypto operations that are no longer allowed in the country.

China has asked citizens to report on suspected crypto-related activities and the country led a massive clamp down on crypto mining earlier this year, effectively killing off all mining operations on its territory.

If you want to use crypto to have a bit of fun, you can find value in sites such as Bitcasino, 1xBit and FortuneJack.

Source

Updated: 08/30/2021 — 14:00