China Intensifies Its Campaign Against Cryptocurrencies
In China, local governments and law enforcement agencies warned the public against illegal fundraising activities masked as lucrative crypto investments.
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In China, local governments and law enforcement agencies warned the public against illegal fundraising activities masked as lucrative crypto investments.
Their joint statement reveals concerns over private chat groups on popular messaging platforms, offering to download illegal apps and purchase tokens. This activity blatantly contradicts China's laws, which ban all cryptocurrency-related transactions (including buying, selling, and trading).
Despite the prohibition on digital assets, Chinese citizens continue to engage in active trading. They conduct cash exchanges in remote areas, beyond the reach of regular law enforcement surveillance, coordinating these transactions in advance via messaging apps.
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