Officials say China will “maintain high pressure” in the cryptocurrency field

According to reports, China has stepped up its crackdown on cryptocurrencies, publicly reminding that Bitcoin (Bitcoin) And other digital currencies “are not legal tender and have no actual value.”

In local media briefingYin Youping, deputy director of the Financial Consumer Rights Protection Bureau of the People’s Bank of China, said that the central bank will maintain a “high pressure” and continue to crack down on digital currency-related transactions.

At a briefing held during China’s “Financial Knowledge Popularization Month”, Youping said that transactions related to digital currencies are pure investment hype. Youping said that the public should increase risk awareness and stay away from cryptocurrency investment.

Although the government continues to prosecute the cryptocurrency industry, You Ping pointed out that China’s cryptocurrency trading business is likely to rebound. As a countermeasure, the People’s Bank of China will cooperate with local authorities to find traders who use offshore cryptocurrency exchanges, and therefore increase the blockade of trading websites, applications and corporate channels.

According to reports, the People’s Bank of China is working with the China Banking and Insurance Regulatory Commission to develop a system for monitoring and combating the use of digital currencies.

related: Chinese province will cut off Bitcoin miners at hydropower stations

In addition to the pressure exerted by the People’s Bank of China, local governments in China have also begun to take active measures to prevent cryptocurrency activities.Yingjiang County Supervisory Department has requested hydropower stations Cut off the power of crypto miners In the area.

After removing crypto miners from their respective power grids, power plants were also required to notify the National Development and Reform Commission.Although Chinese miners continue to settle in countries that are friendly to cryptocurrencies, China has reportedly begun to redirect The saved electricity is used to build the infrastructure of electric vehicles.