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PBOC Warns of Scams In The Name of “Authority Authorized Digital Currency”

15th June, Beijing-PBOC released a warning on promotion of digital currency using the name of PBOC through its official website. The warning was released via the Currency Gold and Silver Bureau of PBOC, claiming that the some companies disguised their digital products as “Authorized by the People’s Bank of China” in an attempt to scam the public for profits.


The warning was posted in wps file format on the PBOC website and reads as follows:

First, PBOC has not yet issued fiat digital currency, nor authorized any institutions and enterprises to issue digital currency, promotion team. Currently the so-called “digital currencies” on the market are not fiat digital currency.
Second, some so-called “digital currency” released and promoted by some institutions and enterprises may involve pyramid schemes and fraud. The general public should raise awareness of risk, be rational and prudent before investment to prevent property loss.
Third, RMB is the legal currency of China. Renminbi is printed and issued by the People’s Bank of China. RMB is used to pay all the public and private debts in our country. Institutions or individual must not refuse to accept RMB as payment. The general public should establish the correct concept of money and take care of RMB and maintain of normal circulation of RMB together.

The warning comes when the market is anxiously waiting for regulations on bitcoin exchanges. Mainstream media are reporting on the rise of bitcoin and altcoins with headlines like “how he become millionaire in 2 years” etc. Titles like this fans out a message that digital currency is the fast track to accumulate fortune, which is reflected on the growing attention on ICO. ICO of Bytom closed in 90 seconds, raising a total of 8,400 BTC for developing a public blockchain to bridge assets between physical world and byte world.

The cover story of the 24th issue of Caixin Weekly, a major financial media, is The Revolution of Digital Currency. Does it mean that digital currency is inevitable?


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