China to coordinate efforts against 3,000 fake platforms

This week, China's Central Television (CCTV 2) reported that the People's Bank of China (PBOC), its Ministry of Public Security, in coordination with other regulators, will fight cybercrime hiding under the guise of financial innovation.

The People's Bank of China, the Supreme People's Procuratorate, the Supreme People's Court, the Ministry of Public Security (MPS), the Ministry of Industry and Information Technology (The Five Departments) will join to fight against financial fraud.

The PBOC is the central bank of the mainland and is currently the largest bank of its kind in terms of assets. The MPS is its national police force, composed of nearly 2 million officers. Financial innovation in China has a cost: darknet crime has become more sophisticated, from traditional telephone fraud to more advanced financial crime.

Li Xuyang, head of security and anti-fraud at Tencent AI Lab, noted that the blockchain has become a fashionable tool in financial fraud.

Recently, an increasing number of projects would use the popular blockchain concept to generate a new token, or a virtual currency. We have spotted more than 2,000 forms of tokens with an active user base and 3,000 platforms promoting fake products around the blockchain.

The five departments emphasized that regulatory authorities must cooperate with business to tackle emerging financial crimes and strengthen a shared cybersecurity community.

Vice President of the Ministry of Public Security, Shi Jun said they will launch a special campaign to curb all kinds of internet fraud.

The term "special campaign" has sparked rumors that the Ministry of Public Safety may arrest some influential industry figures as a warning to others. "The cryptocurrency industry is full of speculation and scams," said a public figure with more than one million subscribers on the Weibo social media platform. "I think this time, the government will definitely stop some crooks in the industry. "

At the time of writing this report, and this may not be reportable, Bixin Wallet has informed users that they will suspend trading services on January 17, due to "regulatory uncertainties".

Do you believe that China can stop some people to give examples?

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