CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
    • Spanish
    • Turkish
    • German
    • Bulgarian
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • CryptoPotato Spanish
  • CryptoPotato Turkey
  • CryptoPotato Germany
  • CryptoPotato Bulgaria
  • Market Updates
  • BTC Analysis
  • ETH Analysis
  • XRP Analysis
  • Interviews
CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
    • Spanish
    • Turkish
    • German
    • Bulgarian
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • CryptoPotato Spanish
  • CryptoPotato Turkey
  • CryptoPotato Germany
  • CryptoPotato Bulgaria
Home » Crypto News » FUD Again: Bitcoin Has No Value, Says People’s Bank of China’s Official

FUD Again: Bitcoin Has No Value, Says People’s Bank of China’s Official

Author: Mandy Williams

Last Updated Aug 29, 2021 @ 21:32

China’s central bank has once again reiterated its warning against bitcoin and other cryptocurrencies, saying that they are not legal tenders and have no value. 

Getting your audio player ready...

The Chinese government has continued its conscious efforts to eliminate the use of cryptocurrencies in the country by constantly reminding the general public of the risks associated with them.

During a media briefing on August 27th, the deputy director of the Financial Consumer Rights Protection Bureau of the People’s Bank of China (PBoC), Yin Youping, stated that digital assets are nothing but mere investment speculations, a local news outlet reported.

He warned investors to protect their “pockets” by staying away from any crypto-related transactions and increasing their awareness of the risks associated with such investments.

“We remind the people once again that virtual currencies such as Bitcoin are not legal tender and have no actual value support,” he said.

PBoC Working Hard to Stop Crypto Trading

Youping went on to say that the PBoC is taking drastic measures to ensure that crypto trading operations are halted by working with other top regulators to detect overseas exchanges and domestic traders and cracking down on every trading website, app, and corporate channel.

The PBoC is also planning to intensify its policy publicity and all other active channels to see that crypto trading is stumped out of the country.

Yin Youping further disclosed that the Central Bank will introduce a system that normalizes the crackdown on crypto-related operations, encouraging the general public to report any such activities promptly.

China Imposes Nationwide Crackdown on Crypto

In the past few months, the Chinese government intensified its crackdown on the crypto industry to eliminate the presence of the rapidly growing market in the country.

Continuing its long history of FUD, the country’s central bank mandated all banking and financial services companies in China to stop serving both individual and institutional crypto clients or risk having their licenses revoked.

The restrictions adversely affected the crypto industry, with bitcoin losing more than half of its value after hitting an all-time high in April. But the Chinese authorities did not stop there.

The Great China Mining Migration

The industry suffered another massive blow when the world’s most populated nation decided to target bitcoin miners within its borders, forcing them to stop their operations.

Following the nationwide crackdown, the Bitcoin blockchain experienced four consecutive negative mining readjustments for the first time in about ten years.

China, which was once home to more than half of the world’s bitcoin mining community, pushed miners to relocate to other crypto-friendly countries.

SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Tags: Bitcoin China
Enjoy reading? Share with your friends
Facebook Twitter LinkedIn Telegram

About The Author

Mandy Williams
More posts by this author

Mandy Williams is a full-time reporter at CryptoPotato. She joined the cryptocurrency space in early 2017 during her search for financial freedom and has remained devoted to the industry.
Contact Mandy: Twitter

Join Our Community

FacebookX YouTubeTelegram


Editorials
How to Farm Airdrops on Hyperliquid (HYPE): The Complete Guide to Free Money This Crypto Cycle

How to Farm Airdrops on Hyperliquid (HYPE): The Complete Guide to Free Money This Crypto Cycle

How to Trade on Hyperliquid: The Ultimate Guide (Step-by-Step Walkthrough)

How to Trade on Hyperliquid: The Ultimate Guide (Step-by-Step Walkthrough)

11 Best Meme Coins to Watch in June 2025

11 Best Meme Coins to Watch in June 2025

7 Best Meme Coin Presales to Watch in June 2025

7 Best Meme Coin Presales to Watch in June 2025

Toobit Review 2025: Is Toobit a Safe Crypto Exchange?

Toobit Review 2025: Is Toobit a Safe Crypto Exchange?

Hyperliquid Bridge: How to Bridge USDC to Hyperliquid

Hyperliquid Bridge: How to Bridge USDC to Hyperliquid

11 Best Crypto Presales to Consider in June 2025

11 Best Crypto Presales to Consider in June 2025

Join Our Newsletter
Become a CryptoPotato VIP
One Weekly Email Can Change Your Crypto Life.
Sign-up FREE to receive our extended weekly market update and coin analysis report
We NEVER send spam. You can unsubscribe at any time.
Invalid email address
Thanks for subscribing!
Footer Logo
About
Advertise on CryptoPotato
About Us | Contact Us | Careers
Editorial Policy
Terms of service | Privacy Policy | GDPR
More Sections
IEO List | Evaluations
Airdrops
Scholarship
Disclaimer
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
© Copyright CryptoPotato 2016 - 2025
Scroll to top
One Daily Email Can Change Your Crypto Life.

Sign-up FREE to receive our extended daily market update and coin analysis report

We never send SPAM. You can unsubscribe at any moment
Invalid email address
Thanks for subscribing!