Chinese State Newspaper Warns: “Altcoin Is a Scam; False Information”

A recent report from the China Economic Daily News has refuted the internet rumor that claimed “Pi coin” altcoins could be exchanged for the Chinese yuan. This newspaper, owned by the state, focuses on economic news and analysis.

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The rumor initially spread due to a misunderstanding of a video posted online, in which the video creator wrongly identified an office window at a local community service center as a bank teller window.

Chinese internet authorities in various regions have issued warnings about the so-called “free mining” of “Pi coins,” clarifying that it’s essentially a scam aimed at collecting users’ personal information for financial gain.

Liang Si, a researcher at the Bank of China Research Institute, cautioned against speculating with “Pi Coin,” emphasizing that it doesn’t guarantee quick wealth and could lead to significant financial losses. Si pointed out that virtual currencies like “Pi Coin” lack real-world assets or productive value, making their value uncertain. They are often used for speculative purposes and come with various associated risks, including substantial price fluctuations, limited information, security concerns during transactions, regulatory uncertainties, and liquidity problems.

Lou Feipeng, a researcher at the China Postal Savings Bank, clarified that virtual currencies are not considered actual currencies. He emphasized that, in China, the exclusive authorized institution for issuing currency is the People’s Bank of China. According to Feipeng, “Pi Coin” and similar virtual currencies are not issued by the People’s Bank of China and, as a result, have no exchange relationship with the Chinese Renminbi (RMB).

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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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