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China, known for its harsh bans on Bitcoin (BTC) and cryptocurrencies, does not compromise on this harsh stance.
China, which frequently warns about cryptocurrencies, has issued another warning. The China Futures Association has issued a risk warning on its official website, along with several other institutions.
Accordingly, the China Internet Finance Association, China Banking Association, China Securities Association, China Asset Management Association, China Futures Association, China Listed Enterprises Association, and China Payment and Clearing Association issued a risk warning regarding the prevention of illegal activities related to cryptocurrencies.
A joint statement issued by seven Chinese institutions stated that cryptocurrencies are not recognized as legal tender and that all trading and brokerage services related to them are illegal.
“Cryptocurrencies are not issued by monetary authorities.
It is not legal tender, does not have the same legal status as legal tender, and cannot be used as currency within the country.
Stablecoins carry the same risks.”
Seven top institutions have issued warnings, citing Pi Coin (PI) as an example of a particularly worthless cryptocurrency.
Referring to Pi Coin, the joint statement stated, “These crypto assets do not have any significant technological innovation and have no commercial value or use. They engage in illegal fundraising, pyramid schemes, and other illegal activities under the guise of mining, and transfer the proceeds of these illegal activities through virtual assets.”
The institutions recently warned the Chinese public to be extremely cautious of any cryptocurrency-related business activities and urged that any suspicious activity detected be reported immediately to the relevant regulatory authorities and the police.
*This is not investment advice.