New alarm over illegal crypto schemes in China’s Hainan province


Security expert and Monero community member Jacob Appelbaum has revealed that the Chinese government is cracking down on Bitcoin and other cryptocurrency miners in the world’s most populous nation. In an interview with Vice, the famed hacker and software developer revealed that authorities have seized mining farms and arrested digital currency miners.

Reports out of Hainan, China are saying that following a crackdown on crypto companies, the Hainan Public Security Bureau (PSB) is cracking down on illegal crypto schemes in the province. Starting from the 14th of December, the PSB has been seizing all the products and equipment of more than 20 crypto companies in the province, and many more are likely to be seized soon.

Last week, the Chinese government announced it was cracking down on crypto investment scams. The People’s Bank of China (PBOC), the country’s central bank, issued a statement on its official Weibo (Chinese social media) account saying that initial coin offerings (ICOs) and other forms of crypto investment will be banned in the Hainan province, and other provinces will follow suit. The PBOC is the most powerful monetary authority in China and the government has a history of banning crypto-related activities. Hopefully, this latest announcement will be enough to make investors wary of entering the ICO market. (From Read more about china tether ban and let us know what you think.

Summary of the situation

  • Illegal crypto-currencies are prohibited in Hainan.
  • Local Chinese media are warning against trading bitcoin and other cryptocurrencies.

China’s Hainan province has issued another warning against illegal cryptocurrencies. This is added as a further warning against the rise of virtual currencies. Chinese officials in charge of regulating cryptocurrencies in the Hainan region have issued new statements on the crypto FUD. Fear and uncertainty have always hung over the cryptocurrency market, as well as blockchain and illegal methods. Illegal cryptocurrency activities in the South China region include fundraising, using local media to spread the word. Local media report that the financial regulator and the Bank of China branch should guard against illegal actions. These protections apply to the average investor seeking economic growth through cryptocurrencies. According to regulatory agencies in Hainan, no organization in the province has called for fundraising through digital bridges. Local media emphasize that no one in Hainan is messing around with illegal cryptocurrencies. Hainan has issued strict measures on cryptocurrencies to protect the economy and prevent illegal activities such as money laundering.

Hainan authorities against Fiatdeal

New alarm over illegal crypto schemes in China’s Hainan province Provincial regulators make it clear that financial and payment organizations should not allow direct or indirect payments with cryptocurrencies. In addition, services using illegal cryptocurrencies must also be bypassed so as not to violate local laws. Although the People’s Government has already expanded the measures of the Province of China, it is under increasing pressure. A month ago, China simplified electronic trading of cryptocurrencies. All these restrictions on cryptocurrencies have brought bad luck to traders in China. The cryptocurrency market has also suffered from these imposed measures combined with Elon Musk’s statements.

Illegal restrictions on cryptocurrencies arise after FUD

The creation of various regulatory regimes against cryptocurrencies in China came after the advent of FUD. In May, the China Securities Journal said banning cryptocurrencies in the country was a priority. The authority seeks to protect the property rights of users, prevent money laundering and maintain the RMB as a legitimate currency. Last week, however, state media reported poorly on bitcoin and its impact on the market. Officials said these investments could hurt the investment portfolios of the country’s citizens. A report released by the government called bitcoin leverage a shocking method due to its risks. China is not only targeting bitcoin as an illegal crypto currency, but also other well-capitalized crypto currencies. For example, the local media recently reported on the Uniswap file sharing system and called it illegal. The TV channel claims that on Uniswap anyone can create their own token to form a fraud system in the country. These measures introduced by South China province thus seem to be supported by the entire People’s Government. China is against cryptocurrencies, but is trying to enter the market with its own regulated token called CBDC.According to new anti-money laundering legislation, all digital currency exchanges operating in Hainan province must register with local authorities and undergo an annual inspection. The law also bans crypto companies from accepting fiat from investors. While the Hainan ban will go into effect on January 1, 2017, it’s not clear if all crypto exchanges will be affected. In the past, crypto businesses in China have not been required to register with the government.. Read more about tether china and let us know what you think.

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Emilia James
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