In accordance with a <a href="https://opinion.huanqiu.com/article/43jF1tU40tW" target="_blank" rel="nofollow noopener">column</a> in the Chinese Global Times tabloid, Bitcoin and other digital currencies are becoming tools for fraud. Qu Qiang laid an emphasis on virtual currencies, especially Bitcoin, which fall under the competence of public security departments for the identification of frauds in investments.
<h2>Bitcoin and Other Altcoins are Illegal, Says Chinese Global Times</h2>
Qu Qiang, an author, industry expert, and professor of the Peking University and the Renmin University of China, revealed that cryptocurrencies hamper the legit currency order of the country.

In accordance with the author, the <a href="https://www.cryptoknowmics.com/news/a-technical-analysis-of-bitcoin-taproot-upgrade/">Bitcoin protocol</a> may have appeared as another electronic encryption tool, its distributed nature, dealing anonymity, high level of encryption, and hacking complications. 

In addition to this, the author noted an estimation regarding the scale of the global shadow economy using digital currencies at $20 trillion and stated:

“The rapid expansion of the shadow economy can’t be separated from the virtual currencies growth including Bitcoin, the author concludes.”

The recent crackdown on crypto by China is an answer to all of this, and in his opinion, Bitcoin is an impressive <a href="https://www.cryptoknowmics.com/news/understanding-bitcoin-payment-methods/">means of payment</a> and accounting.
<h2>Officially Issued Currencies Will be an Advantage</h2>
The experts at the Global Times have confirmed the stability of the Bitcoin ecosystem and the <a href="https://www.cryptoknowmics.com/news/central-bank-of-china-urged-banks-and-financial-institutions-to-tighten-crypto-crackdown/">desire of China</a> to fight the illegal activities they are used. The fight is not against digital currencies. Fixing the big shadow economy is quite difficult to kill, and it will continue to exist for a long time, along with the legit digital currencies of various countries.

They cleared out that they are not calling Bitcoin illegal, or that it is a fraud, they are saying that some of the cryptos are fraud and illegal. Most probably, they are talking about the coins that have zero value and those which were rug pulls.

In addition to this, it authenticated that Bitcoin is so strong that it can never be got rid of.

Chinese Global Times Tabloid Says Bitcoin and Virtual Currencies Are Illegal Investment Products

In accordance with a column in the Chinese Global Times tabloid, Bitcoin and other digital currencies are becoming tools for fraud.

Sahaj is an aspiring journalist with a keen interest in cryptocurrency and the whole concept of Blockchain technology. He is positive about the future potential of Cryptocurrency and Blockchain in shaping the world of finance for good. At present, he is covering the latest developments in the field of the cryptosphere.

Chinese Global Times Tabloid Says Bitcoin and Virtual Currencies Are Illegal Investment Products

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