Shanghai investigation on the crypto-illegal activities

November 19, 2019 by Clementine

In a document published Friday on social media, the central Bank of China (BPOC) has urged the regional authorities in Shanghai to conduct investigations relating to the entities exploiting the crypto-currency in the region. The results of the survey, focused on the crypto-exchanges and companies which are organising ICO and will be sent to the financial institution prior to November 22, to introduce new regulations and new measures.

Raking in Shanghai to clean up the operating crypto

Shanghai is a major hub of China in terms of operating crypto development and Blockchain. With its hundreds of companies involved in the numerical solutions, the largest city in China there are also many startups to informal continue to organize the ICO despite the prohibitions imposed by the central government.
In this perspective, the BPOC has urged local regulators to investigate the activities related to the crypto in order to flush out the ICO’s current as well as the trading ” crypto-trustees “. The document shows in particular a deadline, scheduled on 22 November, to the authorities to send the results of the investigation, which will lead to the closure of the business therefore.

China wants only the Blockchain

While the chinese president Xi Jinping has given the green light to take advantage of the Blockchain in its entire widththe companies in the digital sector hurried to deepen the developments related to emerging technologies, whether in the field or logistics or finance.
However, the crypto-currency is not among the priorities of the government. Actually, the government as well as the BPOC plan to launch a unique solution for this sector, namely the launch of a digital currency national, which has not its equal nor its competitor on the chinese territory.
What do you think of these surveys on the crypto in Shanghai ? Give your opinion in the comments section.
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Passionate about the universe geek, Clementine finds the news more interesting and involved in their drafting.

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Jeremiah Faber

Jeremiah Faber

Jeremiah is an explorer by heart – both in the physical and the digital realm. A traveler, Jeremiah continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Jeremiah and through his business acumen has gained financial profits as well as fame in his business niche.

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