China’s Central Bank warns of unauthorized digital fake coins.


The Central Bank of China issued a warning about the digital coins that purport to be seen to be authorized by the relevant authority, to fraudulently attract investors.

This information was issued on June 15 by the Gold and Silver Monetary Bureau of the People’s Bank of China (PBoC), the public announcement informs that some companies are presenting themselves as operators of digital currencies and investments authorized by the Central Bank. The PBoC therefore made the clarification, that it had not issued any digital fiat currency, nor appointed institutions or companies that are authorized to promote or issue digital currency. This is information to keep in mind and not be prey to thefts.

On the other hand, the Central Bank also explicitly stated that digital currencies currently on the market are not related to China’s fiduciary currency. As a financial control body, the PBoC also stated that some offers of digital currency promoted by operators and companies “may involve pyramid schemes”. It is therefore necessary that potential investors be alert to these practices

Likewise, the authority summed up the alert by stressing the Renminbi (RMB) as China’s only legal currency. This is an alert that must be placed in the foreground so as not to be scammed by people who take advantage of the lack of information by some unsuspecting.

In the translation, the following can be glimpsed: “The general public should see the correct concept of money, ensure the care of the Renminbi and maintain the normal circulation of RMB together.”

It is important to note that the notice comes at a time when PBoC is widely seen as the main Central Bank that sets the precedent for the development and issuance of a national digital currency. As CCN reported in early 2016, the PBOC publicly revealed its intention to explore its own digital currency after investigating the idea for more than two years. PBOC Governor Zhou Xiaochuan said that he “differs from Bitcoin” from the beginning of his concept stage.

In December 2016, the PBoC intervened in a test of its digital currency in a blockchain chain that involved several important commercial banks as participants.

This year, the Central Bank has stepped up its stake in the Chinese bitcoin ecosystem, leading to a repression in the bitcoin trading activity that saw Chinese exchanges resume in June the bitcoin withdrawals after a months freeze.

In summary, users who want to make their investments in cryptocurrency should look for information about the companies that offer these assets. Bitcoin is the digital currency that offers security but there are people who are worth the lack of information to deceive these future investors. New ads are expected.

Reference: cryptocoinsnews.com

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