Yin Yuping, deputy head of the Financial Services Consumer Protection Department at the PBOC, has urged citizens to protect their pockets because Bitcoin is not legal tender and has no real value, the People's Daily reports. According to him, crypto transactions are pure speculation, so they should "stay away" from them. Yupin stated:
"In response to a possible increase in the number of cryptocurrency transactions, the Central Bank, together with relevant departments, will identify foreign cryptocurrency exchanges and local traders and block and take measures against corporate websites, applications and channels."
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The People's Bank of China will continue to crack down on crypto transactions. The statement assures that if citizens identify illegal transactions with digital assets, they should immediately report these to the relevant departments.
In the spring, the National Internet Finance Association, the China Banking Association and the Payments and Clearing Association issued a joint statement. They spoke "on the need to prevent the risk of turmoil in virtual currency transactions." The regulator urged financial institutions not to use cryptos to determine the prices of goods and services, as well as to restrict any transactions with this type of assets.