Authorities in China Have a Forceful Approach after President Xi Has Endorsed the Blockchain
The crypto market in China is under more pressure ever since the country’s President Xi has said the blockchain adoption should be hurried.
The blockchain industry in China is, however, at its highest peak after the remarks made by the President. Not only the Bitcoin’s price has raised by 40% almost overnight, but over 100 blockchain stocks have increased in value, not to mention the blockchain search index has soared 65 times more. Everyone is speculating on the most important cryptocurrencies and the crypto pump-and-dump schemes.
The Media in the Country is Advising People How to Invest in Crypto
The media outlets run by the state are trying to make things cleared when it comes to cryptocurrencies and the blockchain, advising people to invest in a rational manner and to keep in mind the activities generating a lot of hype in the industry aren’t always the ones they should get involved in. The China Central Television (CCTV), which is government-focused, has said many cities like Shanghai, Beijing, Hangzhou and Shenzhen are focusing on educating the public about the blockchain.
Investigations on Crypto Transactions Are Being Conducted all over the Country
Cryptocurrency transactions are being closely watched, with financial regulators from Shanghai issuing notices on how to combat illegal crypto trades in the area. Shenzhen has also issued a warning that says illegal crypto activities are going to be investigated, also many local enterprises watched, in an attempt to crack down cases of blockchain fraudulent schemes or initial coin offerings.
Weibo and WeChat Crypto Accounts Have Been Banned
TRON’s Weibo (a Twitter-like app in China) has been banned on November 15, after is has received complaints that it violated crypto regulations and laws. Binance’s Weibo followed, also some WeChat (Chinese instant messenger) accounts that publish crypto content. Starting with November 20, media crypto outlets in China have been banned because they were suspected of violating the regulations, while Weibo no longer allows its users to post content on blockchain and crypto trading matters.
10 People Working at BISS Arrested
The Beijing police arrested 10 suspects from BISS, a crypto exchange that offers Chinese investors the option to buy US stocks with cryptocurrency. BISS’s activity was defined as illicit fund-raising fraud. Besides, only a few days ago, authorities in Shenzhen have started screening 39 enterprises that are suspected of running illegal crypto activities. They used a tool for financial monitoring that was launched by Tenzen. Looking at what the media has to say about all this, it can be said the Chinese news outlets agree with what the regulators are doing to some extent.