China Should Keep up Regulations over Cryptocurrencies: Xinhua

Chinese regulatory authorities must step up strict supervision over cryptocurrency speculation and transactional risks, and all parties should work together to crack down on the market chaos and illegal and criminal behaviors, the Xinhua News Agency said in a commentary. Cryptocurrencies are essentially a virtual commodity without underlying value, while misleading marketing information can intentionally amplify the illusion of high rates of return to lure investors, Xinhua said, calling for consumers to shun trading. The cryptocurrency market has experienced multiple slumps since mid-May, with the price of Bitcoin shrinking by more than 30% from the highest point at the beginning of May, the newspaper said.