The central bank of china clearly indicated that they are not going to soften their stances on bitcoin & crypto.
Few months back, China imposed a regulatory ban on crypto mining and trading operations. And from time to time they busted illegal mining operations which were Operating their services against the crypto ban law of China. Once again in a statement over the crypto related crimes, PBOC clearly said that they are planning something to bring a better ecosystem.
The deputy director of the Financial Consumer Rights Protection Bureau, Yin Youping, stated that Bitcoin is very popular and rapidly increasing its adoption in the world but still it is not a legal tender and have no value as per Chinese government mouthpiece People’s Daily.
He further added that Cryptocurrencies are fully speculation based Investment and urged people to remain clear on this point.
So People Bank of China will expand their crackdown on crypto-ban so that people can’t go through crypto trading.
The bank also contributed to the crypto activities & operations ban procedure by cooperating with the China Banking and Insurance Regulatory Commission.
The People Bank of China is planning on making a better mechanism so that they can bring a very highly restricted system that will allow crypto trading with more safety. And also at the same time it will encourage people to report on crypto related criminal activities.