China Securities Journal sounds alarm on financial risks related to Bitcoin and crypto

The Chinese central bank has issued a call for caution on the risks associated with cryptocurrencies, as the value of Bitcoin — the leading digital coin — continues to surge. The warning comes as China’s central bank continues to crackdown on the usage of digital tokens, including a ban on initial coin offerings (ICOs) — a crowdfunding methodology used to finance blockchain projects. The efforts have had a negative impact on the value of Bitcoin. The digital currency dropped to a low of $4,947.16, according to CoinDesk, representing more than a 24 percent drop compared with its price a day ago.

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The China Securities Journal, a newspaper owned by the China Securities Regulatory Commission, has sounded the alarm on the financial risks associated with the bitcoin and cryptocurrency markets. Judging by the recent uptick in interest in bitcoin in China, the warning could be having some impact.. Read more about is bitcoin safe and let us know what you think. According to an article in Sunday’s China Securities Journal (CS), a broader consensus is forming to strengthen the supervision of bitcoin and cryptocurrency transactions. The China Securities Regulatory Commission, the China Insurance Regulatory Commission and the China Banking Regulatory Commission have designated CS as the exclusive channel for information disclosure, policy interpretation and market analysis of public financial instruments.

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The public is actively warned of the great financial risks and illegal consequences of entering the cryptocurrency market and of the great risks of speculation with cryptocurrencies. China has regularly issued policies and regulations over the years to curb the use of cryptocurrencies. As the country prepares to launch its own central bank-controlled digital currency, Chinese state media is tightening the noose around cryptocurrencies. Bitcoin-related transactions are increasingly scrutinized and monitored worldwide. In many countries, regulators have now explicitly banned this operation or developed policies to limit it, the report said. He added: In recent years, the competent national authorities have consistently put strong pressure on virtual currency transactions, and the upward trend is constant. However, major Chinese banks are already using blockchain-based financial applications, and the country is preparing to launch its own digital currency, Digital Currency Electronic Payment (DCEP). With no anonymity for the user, it will provide the Chinese government with a new way to monitor the country’s economy and population.

Ban on bitcoins

In a recent statement on bitcoin, the People’s Bank of China said the decision was made to protect people’s property rights, preserve the yuan’s status as legal tender and prevent risks of money laundering. The ban on bitcoin transactions by banks and payment institutions has been in place since 2013, when China’s central bank along with four ministries issued a public statement Notice on Bitcoin Risk Prevention. The Chinese financial authorities argued that in this way they would protect the property rights of the population, preserve the yuan, prevent money laundering and ensure the financial stability of the country. At the same time, it highlights the need for tighter controls and restrictions to underscore the high volatility of the bitcoin price, with the CSJ drawing attention to the market price of bitcoin, which fell by nearly 30% in April, and pointing to its use by criminal gangs for illegal transactions in its report.

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The People’s Bank of China has issued a warning about the risks of investing in bitcoin and other cryptocurrencies. The People’s Bank of China (PBoC) said in a notice on its website that it would punish any activities that involved the payment of funds or issuance of ‘initial coin offerings’ (ICOs) — a controversial crowdfunding tool for startups that has recently taken off in popularity. Many are wondering if China will crack down on bitcoin exchanges, where people can trade bitcoins and other cryptocurrencies, due to the new notice. The People’s Bank of China did not say that it would close its doors on the exchanges but warned investors to be aware of their investment decisions.. Read more about how much are bitcoins worth and let us know what you think.

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