Bank of China Continues Anti-Crypto Narrative on WeChat

Financial markets are facing their worst crisis since 1929 and people are looking for alternatives to protect themselves from the crash. One option being considered by many is cryptocurrency.

In response, Bank of China has continued its anti-crypto narrative in a long post titled “3.15 Protetion of Financial Consumption Rights and Interests”. The post was published on the bank’s official WeChat account on March 22.

In the post, bank officials warn the public about cryptocurrency investment, calling out the three main scams seen on crypto exchanges. The bank stated:

“First of all, the amount of fraud transactions with bots is serious. The average turnover rate of the top three overseas crypto currency exchanges is much higher than that of foreign licensed exchanges. Second, market manipulation exists in these exchanges where forced leveraged trading eventually causes the exchanges to explode. Third, money laundering is a big issue.”

The Bank of China post also pointed out…