China’s Central Bank prepares to crack down crypto trading

[mlawson71]

The People’s Bank of China announced their intentions to once again take up arms against digital currencies and to crack down on crypto trading.

This unexpected move comes amid the hype in the crypto market due to the speech of the Chinese paramount leader Xi Jinping who appeared to endorse blockchain, even asking companies to capitalize on it.

However, the central bank clarified that there is a difference between cryptocurrencies and blockchain technology and issued a warning against the risk involved in crypto trading.

According to the Chinese authorities, “There are multiple risks in virtual currency issuance financing and trading, including false asset risk, business failure risk, investment speculation risk, etc. Investors should enhance their risk prevention awareness and beware of being fooled, being fooled.”