China Still Ready to Launch Bitcoin and Other Cryptocurrencies

First, mining companies, then banks and cryptocurrency exchanges – and now the calls to fight cryptocurrency go directly to the Chinese people.

The fact that China is preparing its own central bank digital currency (CBDC) and thus taking very consistent action against bitcoin and cryptocurrencies is not a very steep thesis. Past and current measurements show the direction the flight should go.

Urgent Appeals to the Chinese People

Our colleagues from Cointelegraph It came via an interesting “media briefing” in which China’s central bank (People’s Bank of China) confirmed that China will continue to act with “great pressure” against cryptocurrency trading.

In a media conference, the Deputy Director of Consumer Protection at the Central Bank of China (PBoC), emphasized, Yin YupingWarning:

We remind people once again that virtual currencies like bitcoin are not legal tender and have no real value

Youping describes virtual currency transactions as pure guesswork and an appeal to the public who should “raise their risk awareness, stay out of their minds, and protect their pockets.” Such warnings should not be understood as friendly recommendations as much as clear guidelines for operating in China.

The consumer advocate announced that the Chinese central bank will maintain a high pressure stance against Bitcoin and other cryptocurrencies and will continue to take action against transactions related to virtual currencies. According to Yin Yuping, “strict measures imposed on the use of virtual currencies” will remain on the agenda in China in the future.

The briefing from August 27, 2021 is available in full I read here. A must for anyone who is a bit out of practice in dealing with the Chinese language Google translator knows what to do.

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China’s central bank digital currency without competition

China is far ahead in digital central bank currencies (CBDC digital currency) and has been using the digital yuan in different markets and test scenarios for months.

The significant progress that has been made in recent months may have contributed to the decision to gradually allow air from non-state cryptocurrencies. China wants to help the digital yuan make a breakthrough, certainly on a national level, as well as across borders. Obviously, bitcoin and other cryptocurrencies are just a nuisance. While CBDC and Bitcoin are not directly comparable, China certainly has no interest in leaving the population in awe – the digital yuan has been set and thus the law too.

In addition, the Chinese digital currency is also a prestigious project for the country. The formidable lead with which China has long left the United States and Europe behind will effectively be shown before the world at the 2022 Winter Olympics in Beijing. There, the digital yuan is used as an official method of payment. The ice and snow competition at the Olympics cannot be prevented, but the competition for the digital yuan can. This is exactly what China is currently working on.


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