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Bank of China continues anti-crypto narrative, urges people to abstain from investing

Image by Andrew Milligan sumo from Flickr

Mon, 23 Mar 2020, 12:19 pm UTC

The Bank of China (BoC) is still against cryptocurrency.

China is one of the countries that have been working on its own digital currency. However, according to Cointelegraph, BoC released a long anti-crypto narrative on its official account on WeChat on May 22.

In its post, the bank warned the public about cryptocurrency and even discouraged them from investing in it. BoC stated three reasons cryptocurrency is not a safe investment.

“First of all, the amount of fraud transactions with bots is serious. The average turnover rate of the top three overseas crypto currency exchanges is much higher than that of foreign licensed exchanges. Second, market manipulation exists in these exchanges where forced leveraged trading eventually causes the exchanges to explode. Third, money laundering is a big issue,” BoC wrote.

The publication noted that China has never liked cryptocurrency trading. Last year, Alibaba banned transactions that were related to Bitcoin (BTC) and other cryptocurrencies. In 2017, Chinese regulators also banned local cryptocurrency exchanges and sought to crack down domestic cryptocurrency trading.

However, according to Wired, China is planning to create an all-powerful cryptocurrency. The country wants its own digital currency and it would be adopted at a fast rate once it’s ready.

Chloé Reuter, founding partner of Reuter Communications, a marketing agency based in Shanghai, said that the population in the country is used to cashless spending, so it wouldn’t be new to them to deal with another form of digital payment.

“The government has always taken the reigns of building infrastructure,” noted Jingyang, one of China’s first investors in bitcoin. “Just like they built ports and rail, they’re now gearing up to build the digital infrastructure that is necessary for future development.”

China has already announced its plan to issue its own central bank digital currency (CBDC), the digital yuan. The country has been working on it for five years already and it’s nearing completion. When central banks start to release its own digital currency, U.S. dollar will be affected the most.

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