Many Chinese cryptocurrency sites are still active

According to the national media company, a number of Chinese cryptocurrency websites are still active. Most of these websites are still “selling” cryptocurrencies and collecting funds using tokens such as Bitcoin (BTC) and Ethereum (ETH).

Many Chinese cryptocurrency sites are still active

The news came from the state-run Xinhua News Agency, although recent statements by the People’s Bank of China (PBoC) and government agencies “clarified that virtual currency-related business activities are classified as illegal financial activities” and the parties “have been marketing and promoting foreign virtual ones Currency exchanges are responsible under the law, but Xinhua claims to have found evidence that some mainland websites are still promoting cryptocurrencies, often “under the guise of blockchain and metaverse-related activities.

Proof that some Chinese crypto websites are still active

The Xinhua news agency quoted an expert from the “Reform and Development Research Institute” based in Pudong, Shanghai, as saying:

“Since the crackdown on virtual currency exchanges since 2017, China’s domestic cryptocurrency trading and issuing platforms have been cleaned up and banned. But a lot of crypto-related websites and social media groups are still active. “

The news agency said it saw evidence of websites asking visitors to pay hundreds of dollars as a registration fee or asking visitors to contribute cryptocurrency for maintenance costs.

Deng Jianpeng, professor at the Law School of the Central University of Economics and Finance based in Beijing, explains:

“If a home Internet website recommends investing in virtual currency, it could be classified as a violation of the law.”

The PBoC and various regulators recently issued a joint statement signed by several ministries warning that those involved in “marketing, advertising, payment, processing and technical support” for trading platforms and overseas suppliers “in agreement with “be examined the law”.

In conclusion, Xinhua’s article suggested that the crypto crackdown should extend to “relevant” social media and chat app platforms, including “WeChat accounts, Weibo sites, and other social media platforms.” other platforms “.

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