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

In response, Bank of China has continued its anti-crypto narrative in a long post titled "iii.fifteen Protetion of Financial Consumption Rights and Interests". The postal service was published on the bank'south official WeChat account on March 22.

In the mail, bank officials warn the public most cryptocurrency investment, calling out the 3 main scams seen on crypto exchanges. The bank stated:

"Start 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 college than that of foreign licensed exchanges. Second, market place manipulation exists in these exchanges where forced leveraged trading somewhen causes the exchanges to explode. Third, money laundering is a large issue."

The Bank of China post also pointed out that the merits that Bitcoin is a condom oasis is false, as it is too volatile. The bank urges people to protect themselves from following the oversupply by abnegation from crypto investment.

Prc has never liked cryptocurrency trading

Every bit Cointelegraph reported last year, Alipay banned transactions related to Bitcoin (BTC) and other cryptocurrencies.

At the first of 2022, local authorities started cracking down on marketplace-making platforms and other "exchange-similar" services relating to cryptocurrency.

In September 2022, Chinese regulators placed a ban on local cryptocurrency exchanges, and sought to crack downwardly on all domestic cryptocurrency trading.

Bitcoin is resilient

Cointelegraph's analysis on March 21 indicates that Bitcoin was designed for a financial crisis and then far it's working well.