Judging by recent comments, the Peoples Bank of China (PBOC) has made it clear that it is not willing to soften its stringent stance on cryptocurrencies. According to the apex bank, Bitcoin has no “actual value.”
The bank is reportedly cooperating with the China Banking and Insurance Regulatory Commission to intensify its clampdown efforts on crypto trading. Recall that it recently shut down 11 companies associated with illegal forex and cryptocurrency trading activities, according to BTC PEERS.
Yin Youping, the deputy director of the Financial Consumer Rights Protection Bureau, said that digital assets like Bitcoin are not legal tender and have no actual value. He went further to urge people to steer clear of cryptocurrencies as he branded them as “pure investment speculation.”
There are ongoing plans by the PBOC to establish a working mechanism that deals with cryptocurrencies more critically. Citizens have also been encouraged to report crypto-related crimes.
Following the rising clampdown on crypto businesses, some Chinese provinces have moved to shut down Bitcoin mining, causing the “great migration” of miners out of the region. Regulators in the Yingjiang County of China’s Yunnan province already asked hydropower plants to stop supplying power to Bitcoin mining establishments.