{"id":408886,"date":"2019-12-27T12:00:16","date_gmt":"2019-12-27T12:00:16","guid":{"rendered":"https:\/\/uniquehot.com\/?p=408886"},"modified":"2019-12-27T09:48:23","modified_gmt":"2019-12-27T09:48:23","slug":"china-continues-anti-crypto-stance-beijing-warning-will-it-work","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/china-continues-anti-crypto-stance-beijing-warning-will-it-work\/","title":{"rendered":"China Continues Anti-Crypto Stance With Beijing Warning; Will it Work?"},"content":{"rendered":"
Shanghai Securities News has just reported that authorities in Beijing, China’s capital, have renewed their anti-crypto stance. Per the report<\/a> and one from The Block<\/a>, the Beijing Local Financial Supervision and Administration Bureau, the Business Management Department of the People’s Bank of China, the Beijing Banking and Insurance Regulatory Bureau, and the Beijing Securities Regulatory Bureau have requested for firms under its jurisdiction not to engage in crypto-related activities.<\/p>\n This news comes just a month after the Shanghai branch of the People’s Bank of China issued a similar warning. Per previous reports from NewsBTC<\/a>, an announcement published by the central bank remarked that the sale of tokens for Bitcoin, Ethereum, and other virtual currencies remains \u201cessentially unauthorized illegal public financing, suspected of illegal sale of tokens, illegal issuance of securities and illegal fund-raising.\u201d<\/p>\n As such, the Chinese central bank asserted that it will continue to \u201cmonitor the virtual currency business activities within the jurisdiction,\u201d which will be \u201cdisposed of immediately\u201d if discovered.<\/p>\n While the warnings may shock readers in the Western world, not everyone is all too sure that it will be affected.<\/p>\n Sino Global Capital chief executive Matthew Graham<\/a>, who focuses on investments in China and around blockchain, remarked that he thinks that no one in China will give any heed to the latest warning from the local authorities in Beijing.<\/p>\n Number of f*cks given in China by anyone except possibly Beijing-based blockchain media: zero<\/p>\n — Matthew Graham (@mattyryze) December 27, 2019<\/a><\/p><\/blockquote>\nEffective Crypto Regulation?<\/strong><\/h2>\n
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