Chinese Regulators Crack Down on Overseas Telecoms Dealing in Crypto, Blockchain

Published: is reporting that China is cautioning overseas telecom companies to refrain from using “new technologies” such as digital assets, blockchain, artificial intelligence (AI) and the metaverse for malicious intents. According to a statement from the Chinese Central Political and Legal Committee, some entities from outside of China have been deceiving people by offering fake job opportunities.

The committee has expressed that fraud groups are using blockchain, metaverse, virtual currency, AI intelligence and other technologies and formats to mask criminal activities. In response, this has called for public security, finance, telecommunications, Internet and other related departments to work together, utilizing advanced technical means to fulfill their supervision responsibilities.

The Chinese Central Political and Legal Committee has promised to take severe action against criminal activities performed by foreign companies, while also raising public awareness and supporting judicial departments to detect and prevent any illegal activities.

The Intermediate People’s Court of Xuzhou, East China’s Jiangsu Province is currently focused on 52 telecom network fraud cases, with 85 defendants already having been sentenced.

This announcement has come as a surprise as it appears that China is slowly beginning to accept cryptocurrency trading again. For example, Hong Kong is now allowing retail investors to purchase bitcoin (BTC), which could be a sign that China is thawing its position on crypto trading. Prior to this, China had been at the forefront of cryptocurrency adoption and mining. However, in 2017 it began to ban crypto mining operations and trading in general, citing digital coins as no longer being legal tender and blocking major cryptocurrency-related websites such as CoinGecko, TradingView and CoinMarketCap.

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