China to Coordinate Against ”3,000 Fake Blockchain” Platforms
This week China’s central television (CCTV 2) reported the Peoples Bank
of China (PBOC), its Ministry of Public Security, in coordination
with other regulatory agencies, will work to combat cybercrime
often in the disguise of financial innovation.
PBOC is the mainland’s central bank, and currently is the largest
bank of its kind in terms of asset holdings. The MPS is its national
police force, comprising nearly 2 million officers. Financial innovation
in China has come with a cost: darknet crime has grown more sophisticated
too, from traditional phone fraud to more advanced financial crime.
Li Xuyang, head of security and anti-fraud at Tencent AI Lab, noted that blockchain has become a trendy tool in financial fraud.
Special Campaign
The Five Departments emphasized that regulatory authorities shall
cooperate with companies to fight against emerging financial crimes
and boost a shared community of cybersecurity.
Vice president of the Ministry of Public Security Shi Jun said that they
will initiate a special campaign to curb all sorts of internet fraud.
The phrase “special campaign” has prompted rumors that the Ministry
of Public Security might arrest some influential figures in the industry
a warning to others. “The cryptocurrency industry is filled with speculation
and scams,” said a public figure with over 1 million followers on social media
platform Weibo. “I believe this time the government will definitely arrest some
conmen in the industry.
At the time of writing, and perhaps unconnected, Bixin Wallet informed users
that they will suspend over-the-counter trading services on January 17 because
of “regulatory uncertainties”.
Do you believe that China might arrest some people to warn others? Leave your comments below.
more details click this link, https://news.bitcoin.com/china-central-bank-identifies-3000-fake-blockchain-platforms-law-enforcement-to-coordinate-against-cybercrime/
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