The chinese central Bank is strongly opposed to crypto-currencies in the face of the current crisis

The economic instability caused by the epidemic of the coronavirus concerned at the highest point of the actors of the financial market. At present, all market indicators are in the red, forecasting a bleak future for international finance in a few weeks. In the Face of this descent to the underworld, some financial institutions such as Bank of China, however, continue to ask of the tags against the digital alternatives, which represent for many an emergency exit.

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The Bank of China sign on his anti-crypto

The chinese central bank has been one of the first institutions to veto against the adoption of crypto-currencies as the economic engine in the world. Apprehending a mounted of theft and the laundering of money derived from this technology, it has convinced the authorities to ask the tags against the exploitation of this sector, and this, so far as to launch a real campaign anti-crypto in all the territory.
The place crypto-currencies in the economic chinese national, however, has changed since the emergence of the virus Covid-19. In fact, the measures taken by the rulers on mobility have led to an attraction growing towards digital currencies in order to compensate for the flaw at the transaction level. This being the case, the Bank of China continues to counter this idea with the recent launch of a publication anti-crypto entitled “3.15 Protection of rights and interests of financial consumer” on WeChat.

The crypto-exchanges remain dangerous even in time of crisis

Departing perspectives “practices” of crypto-currencies as an alternative payment, the message from the Bank of China has focused on the risks of scams faced by investors dealing with the service of crypto-exchanges quoting :

“First of all, the number of fraudulent transactions with bots is serious. The rate of rotation through the three main sites for the exchange of digital currencies abroad is much higher than that of the exchange sites under license foreign”

Moreover, the crypto-exchanges often use leverage effects exaggerated, resulting in the manipulation of the market as a result a swelling of the trading volumes. And the problem of money laundering remains the biggest concern that the players in the sector are struggling to resolve.
What do you think of this new warning message from the Bank of China concerning the use of crypto-currencies in time of crisis ? Give your opinion in the comments section.
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