The Chinese language authorities has no plans of stopping in terms of the crypto crackdown. Regardless of the newest crypto ban pointers the Beijing authorities proceed to challenge new pointers and discover methods to ban crypto use. The most recent within the collection of actions embrace monitoring the IP tackle of residents to test whether or not they’re mining crypto or not.
As per the most recent doc obtained by the Chinese language crypto-journalist Colin Wu, a Shanghai Telecom doc exhibits the IP tackle together with the kind of cryptocurrency being mined by the tackle.
As per the most recent set of crypto crackdown pointers, the Chinese language Central Financial institution deemed all crypto transactions unlawful and likewise instructed authorities to crack down on small and medium crypto mining operations being run by many from their properties. Though the crackdown on crypto mining in Could this yr compelled nearly all of massive crypto mining farms to relocate, many small and medium mining rigs have been nonetheless being operated. Nevertheless, with the most recent measures, even that might not be attainable anymore.
China’s strict stance towards crypto is nothing new, however the newest set of measures taken by the authorities point out they plan to fully eradicate crypto use.
China Set to Formulate Legal guidelines to Punish Crypto Actions
Crypto use is prohibited and banned in China nonetheless, it isn’t a punishable offense underneath present legal guidelines. Thus many of the crypto merchants are simply warned, nonetheless that has not deterred crypto merchants they usually have at all times discovered a approach to bypass the crypto ban. That is the explanation now the Chinese language judiciary is working in the direction of formulating new legal guidelines across the crypto market to punish crypto-related actions, be it crypto mining or buying and selling.
Particular person near the Chinese language authorities advised Caijing Journal that the Chinese language judiciary is investigating learn how to convict and sentence cryptocurrency habits, and is predicted to challenge related judicial interpretations sooner or later. https://t.co/taeJIJQChI
— Wu Blockchain (@WuBlockchain) October 11, 2021
Many consider the rising scrutiny of the Chinese language authorities in the direction of crypto is due to the upcoming launch of the nation’s nationwide digital forex or CBDC digital yuan. Digital yuan’s growth was accomplished in 2019 itself and it’s presently being examined at a mass scale throughout the nation.