China’s central bank has issued a new notice to warn the public against cryptocurrency-related investment scams. The notice, published on Monday, said that some illegal platforms have been using the name of the People’s Bank of China (PBOC) or other government agencies to lure investors into fraudulent schemes involving cryptocurrencies or blockchain technology.
Cryptocurrencies are not legal tender in China
The notice also reminded the public that cryptocurrencies are not legal tender in China and have no real value. It urged people to report any suspicious activities to the authorities and to enhance their awareness of financial risks.
The notice came amid a renewed crackdown on cryptocurrency activities in China, especially in the northeastern city of Dalian, where local police have reportedly arrested more than 100 people involved in illegal mining operations. According to local media reports, the police seized over 10,000 mining machines and cut off the power supply to several mining farms.
The PBOC has been tightening its grip on the crypto sector since 2017 when it banned initial coin offerings (ICOs) and ordered local exchanges to shut down. Since then, it has issued several warnings and notices to reiterate its stance and to discourage any crypto-related activities in the country.
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