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"Bitcoin has not actual value" PBoC says in the country's continous crackdown on crypto

Didn't feel this was worthy of the news section (not much to tell), but a fun fact nontheless. In their continuous crack down on crypto, the People's Bank fo China has announced further measures to get rid of the controversial virtual currency. They "are not legal tenders and have no actual value support,".

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What Happened: According to a report by local news outlet People's Daily Online, Youping said that cryptocurrencies are purely speculative assets. He also advised the public to increase its risk awareness and stay away from the crypto market to "protect their pockets."

They plan to team up with "the relevant authorities" to monitor overseas exchanges and domestic traders.

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Youping explained that PBoC's next step will be establishing a normalized working mechanism, continue putting high pressure on illegal cryptocurrency-related operations, and continue cracking down on crypto-related transactions.

https://finance.yahoo.com/news/bitcoin-no-value-people-banks-195931100.html

 

Nothing out of the ordinary here. China really wants to see it gone causing a big exodus of miners in the past already. This is the first time I explicitely hear a bank stating it as worthless though. I wonder if and how that will affect other countries.

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I think PBoC is trying to maintain control of the economy and maintain visibility of transactions. Bitcoin is likely seen as a threat to the central bank, as it cannot be actively monitored or controlled by it. Additionally, there is an annual limit of buying more than 50,000 USD of foreign exchange per year, which is meant to keep wealthy people inside China. Historically gold has threatened this, but with Bitcoin it could be an even easier workaround to the policy (however doing this is still illegal I'm pretty sure). I'm pretty sure this is more directed towards those who exchange bitcoin, and miners happen to be hit negatively by this.

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gold has no acc value, 

cash has no acc value, 

its all relative to what people think.

👀👀👀👀 

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