Chinese media urged local citizens to abandon Bitcoin trading
State-run Chinese media have warned local citizens about the dangers of cryptocurrency trading, urging them to refuse to participate in cryptocurrency ETFs.
Against the background of the recent bitcoin rally, the state-owned Jingji Ribao Economic Daily, also known as Economic Daily, published an article on the risks of investing in cryptocurrencies. Journalists urged local investors to remain cautious about bitcoin-related products, as cryptocurrencies have not yet become mainstream.
The article notes that even if the United States allowed the launch of spot exchange-traded funds (ETFs) for bitcoin, China will continue to impose a ban on cryptocurrencies. The article quoted Xiao Sa, a lawyer from Beijing, who explained: the radical ban means that foreign dealers of cryptocurrency ETFs cannot sell these financial products to residents of China. Investors from mainland China are also not allowed to purchase such products directly.
Interest in digital assets in China remains strong, despite the complete ban on mining and trading cryptocurrencies in the country. In September 2021, the People's Bank of China (PBOC), the Supreme Court of China and other regulatory authorities banned these activities in the country, calling them illegal. And yet, many investors from mainland China manage to circumvent these rules and trade crypto assets abroad.
Recently, the police of the Chinese province of Liaoning warned investors against participating in initial coin offerings (ICOs), since this activity is also considered illegal in the country. In February, the Ministry of Information of China warned of an increase in the number of fraudulent applications for the digital yuan.
Source: https://bits.media/kitayskie-smi-prizvali-mestnykh-grazhdan-otkazatsya-ot-torgovli-bitkoinom/
