Friday, June 14, 2024

China’s regime reaffirms its siege on cryptocurrencies: insists they are “not real” and are illegal



China’s National Development and Reform Commission warned on Tuesday that will control that state companies do not carry out activities related to cryptocurrencies, considered illegal, a few days after a provincial leader was removed from office for supporting crypto mining.

The Commission (CNRD, the country’s main economic planning body) pointed out that these currencies they are not issued “by monetary authorities” and that “they are not real”, according to Chinese state media reported.

Likewise, the CNRD criticized the “great energy consumption” by cryptocurrencies, which he also accused of “not having a driving effect on industrial and technological development.”

The CNRD’s warning comes days after the dismissal and also expulsion from the Chinese Communist Party of the former chairman of the Jiangxi Central Province Political Consultative Conference, Xiao Yi, for “abusing his power to support companies involved in cryptocurrency mining.”

Local media reported on Xiao’s dismissal last weekend after a ruling in which the Central Commission for Inspection and Discipline, the country’s main anti-corruption body, determined that the official violated “national industrial policies.”


Its about Highest-ranking Chinese official to be punished for involvement in cryptocurrency-related activitiesaccording to the Hong Kong newspaper South China morning post.

Last month the People’s Bank of China (BPC) and other institutions expressed in a statement the “illegal and criminal” activities generated by “virtual currency transactions”. Regulators specifically targeted money laundering, illegal fundraising, fraud or pyramid schemes, ensuring that these types of crimes carried out with cryptocurrencies “seriously endanger” the properties of Chinese citizens.

As of September 2019, China was still the world’s largest producer of bitcoin, with two-thirds of all mining. But eager to launch its own cryptocurrency, the Chinese government intensifies its offensive every day against the many players in the sector that previously flourished in its territory. Chinese officials said in June that more than 1,000 people were arrested for profiting from criminal activities to buy cryptocurrencies.

(With information from EFE)


Ebenezer Robbins
Ebenezer Robbins
Introvert. Beer guru. Communicator. Travel fanatic. Web advocate. Certified alcohol geek. Tv buff. Subtly charming internet aficionado.

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