The People's Bank of China (CB) has refused to recognize the cryptic currency as a payment instrument because of their uncertainty, said Bank CEO Chzhou Syaochuan, RIA Novosti reports.

"For example, bitcoin and other digital currencies are entering the market very quickly, and they are not so reliable. Their rapid spread can have a negative impact on consumers, "he said.

The head of the bank noted that the Central Bank of China is against the use of unreliable products as a payment instrument.

He emphasized that their use could lead to unpredictable consequences.

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