The People’s Bank of China said that cryptocurrency transactions are speculation, so you need to “stay away” from them.

Deputy Director of the Financial Services Consumer Protection Bureau of the Central Bank, Yin Yuping, urged the Chinese to “protect their pockets.” He recalled that bitcoin is not recognized as legal tender, and therefore, it has no real value.

“The Central Bank together with the relevant departments will identify foreign crypto exchanges and local traders, and take action against sites and applications, including blocking,” Yuping said. Citizens should immediately inform the authorities if they find out about illegal transactions with digital assets.