China’s recent action upon imposing and regulating all crypto based firms has now led to new milestones for the government. The Ministry of Public Security testifies the arrest of 1000 along with the bashing down of 170 gangs so far , all linked to crypto based money laundering.
The Scams so Far
The Ministry of Public Security of China has exclaimed officially regarding this issue. Specifically, they exclaim most of those arrested were either in, direct, or indirectly helping out criminal organizations too. All this was through their backup from crypto-related money laundering. Furthermore, it depicted a few of these arrested gangs involved in illegal crypto-mining and profits through it.
However, most of those arrested were the so-called ‘’two cards’’ bilkers. Firstly, these convicts source phone cards through their illegal profits. Secondly, they ship them to other countries where they are used to make scam calls. All these scam calls are made back to China. Finally, the victims are lured into and laundered using cryptocurrencies and Bitcoin(BTC).
However, the Ministry is into action to protect the citizens from such cyber threats. The phone networks are completely looked upon and traced for any sorts of scams. Besides, the Ministry is now going through the stability of its financial system.
Subsequently, the Chinese government is profusely creating and spreading awareness regarding such fraudulently. These are done mostly through social media and search engines like Weibo.
The Reforms so Far
China’s recent regulations, strike on mining, etc, has created an unstable crypto industry for the nation itself. Qinghai, in the western province of China, has now banned the mining of any cryptocurrency completely anywhere within its borders. Also, the government has blocked results for the search of any keywords related to or upon crypto. This is through the threats the government conveys through the search engines not to show results.
Most Chinese crypto mining firms are now backing themselves up by shifting their setups to other nearby countries. Despite all such impositions upon the crypto industry, the future for it in China is evidently a big question mark.
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