China issues new warning against crypto scams amid crackdown in Dalian

China issues new warning against crypto scams amid crackdown in Dalian

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.

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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.

William Ross
About William Ross 179 Articles
I am a cryptocurrency enthusiast and writer with over five years of experience in the industry. I have been following the development and innovation of Bitcoin and Ethereum since their inception, and I enjoy sharing my insights and analysis with readers. I have written for various reputable platforms, such as CoinDesk, Cointelegraph, and Decrypt, covering topics such as market trends, regulation, security, and adoption. I believe that cryptocurrency is the future of finance and technology, and I am passionate about educating and informing people about its benefits and challenges.