In a new report published by China Economic Daily News, a warning for an altcoin attracted attention. Here’s what happened…
Altcoin warning in China
The latest report from China Economic Daily News attracted attention. Especially since an altcoin project is mentioned. A misunderstanding was pointed out that caused a stir in China about this altcoin. However, it was stated that this was wrong. The newspaper report clarified that the rumor circulating on the internet claiming that “Pi coin” altcoins can be exchanged for yuan is completely false. The highly anticipated exchange rumor between the “Pi Coin” and the Chinese yuan, which created a huge impact on the internet, was surprisingly refuted by China Economic Daily News, a respected state newspaper specializing in economic news in China.
The rumor stemmed from a misinterpretation of a video posted online. The person who posted the video mistakenly identified the office window of a “Pi-type approval department” at a local utility center as the teller window at a physical bank branch. This misunderstanding has sparked a wave of speculation and excitement among altcoin enthusiasts who believe that “Pi Coin” is on the verge of making a groundbreaking entry into the mainstream financial market.
Police called the project a “fraud”
Chinese internet police in various regions have issued risk warnings, stating that the so-called free mining of “Pi Coins” is nothing more than a scam aimed at selling users’ personal information for financial gain. This cautious approach by authorities underscores the potential risks associated with unverified cryptocurrency ventures. It also serves as a timely reminder for people to exercise due diligence when navigating the crypto landscape.
Liang Si, who works as a researcher at the Bank of China Research Institute, also made a statement on the subject and warned that “Pi Coin” speculations will not lead to instant wealth. He emphasized that virtual currencies such as “Pi Coin” are not backed by any real assets or productive labor, lack a solid value support and are often used as a means of speculation. Additionally, according to the researcher, such currencies carry various risks such as serious price fluctuations, lack of information, transaction security, regulatory issues and liquidity problems.
China and cryptocurrencies
China was once the Bitcoin trading and mining capital of the world. But the country’s government has struggled for several years to find ways to control the spreading popularity of cryptocurrency and prevent it from devaluing and replacing fiat currency. As a result, the Chinese government finally banned non-government-sanctioned cryptocurrencies in September 2021. Crypto is illegal in China as of October 2023. Crypto is still in its infancy when it comes to currencies, so it’s hard to say what will happen in the future.
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