Beijing tackles cryptocurrencies to better impose its e-Yuan

Beijing is distancing itself a little more from Bitcoin and cryptocurrencies. In a joint statement released on Tuesday, three state-backed Chinese financial associations warned against ” the speculation “ current around cryptocurrencies that they consider to be “No real currency”. The National Internet Finance Federation, the China Banking Federation and the Payment and Clearing Federation have called financial institutions to order, urging them to strictly stay away from any cryptocurrency-related fundraising activity.

“Recently, the prices of virtual currencies have soared and then collapsed” while speculative activities “Leaped”, they noted. And to continue in a statement relayed by the People’s Bank of China (PBOC), the country’s central bank: “this seriously undermines the security of people’s property and disrupts the world economic order”.

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