The official government news agency Xinhua and China Central Television commented on the state's uneasy relationship with cryptocurrencies, once again criticizing them and noting the "ferocity" of market manipulation, but not ruling out the legality of such investments.
So, "Xinhua" recommended that citizens do not enter into transactions in the high-risk and volatile cryptocurrency market for the sake of their own financial security. At the same time, the authors of the publication noted: "If virtual currencies, such as bitcoin, are considered as available for buying and selling virtual exchange goods, then the general public is free to participate in trading them at their own risk."
At the same time, Xinhua promised to continue denouncing projects and platforms that attract citizens to cryptocurrencies with promises of high profitability.
China Central Television on Wednesday released a training video in which it was told how simply tokens are created on the blockchain "out of thin air" and how they can be used to deceive unsophisticated retail investors.
As The Block notes, in the absence of a law that would explicitly prohibit the purchase, sale and possession of cryptocurrencies for individuals, the authorities use available methods of pressure to alienate citizens from such investments.
Recently, the journalist Da Bing spoke about three possible scenarios for the further development of cryptocurrency regulation in China.