More

    China crypto crackdown is now going after forums starting with Coin World

    • Bishijie, a Chinese cryptocurrency community and information provider, has shut services within Mainland China.
    • The company is also called ‘Coin World‘ and said it’s actively cooperating with regulators and taking corrective measures.
    • The last few years were great for the crypto mining community in China, but the May crackdown changed everything.
    • Now, there are no easily accessible crypto exchanges for the average Chinese citizen.

    China’s crackdown on cryptocurrency is widening its reach and is now knocking on the doors of anyone who even dares to talk about digital assets. Bishijie, a Chinese
    cryptocurrency community and information provider, announced that it’s closing down all its news portals and apps as of July 14.

    The Biworld APP and website will cease operations in China with immediate effect.

    Statement by Bishijie

    Also called Coin World, the site was most well known for providing news, social network services, and trading information to Chinese users.

    In a
    statement, the company said that it is actively cooperating with regulators and taking corrective measures. The site is no longer presenting any fresh updates, and the company has not indicated when it will be operational again.

    Bishijie did not specify why it was shutting down altogether, but Coin World was already being investigated by the authorities for illegal token issuance in 2019, according to
    local media.

    China made it very clear early on that it isn’t a fan of decentralised currencies and vowed to take action against the rising trend. The last few years were great for the crypto mining community as they could leverage affordable energy to dig out tomorrow’s gold. But the party came to an end in May, when provincial governments were tasked with a
    massive crackdown that spared nobody.
    Bitcoin’s hash rate reached a record low within no time, and all businesses based out of China either shut shop or moved out.

    Advertisement


    Now, there are no easily accessible
    crypto exchanges for the average Chinese citizen. While there are turnarounds, they’re riskier and could attract attention from authorities, directly hindering crypto adoption. After shutting down the
    crypto exchanges, it’s now going after media sites that host a lot of content about crypto.

    “Whether involved in the direct trading of cryptocurrency or providing relevant information services, they are within the scope of the government’s crackdown, mainly for the concerns that cryptocurrency will cause systemic risks,” said Chen Bo, Director of the Digital Finance Research Center at the Central University of Finance and Economics, Beijing in a
    Global Times article.

    The Global Times is a mouthpiece of the Chinese Communist Party (CCP). Further, it adds that Bishijie was listed as an abnormal business by the Market Supervision Administration in Beijing because its contact wasn’t possible via its registered address.

    China’s crackdown is decisive, and there’s no going back.

    The authorities have made up their mind about cryptocurrencies, and there’s no going back. But it doesn’t mean they’ve abandoned the technology altogether. China is piloting CBDC (central bank digital currency) instead of a decentralised system to ensure it’s not left behind in the technological race.

    It has already released e-yuan, a digital representation of physical yuan that has been in the works since 2014. The People’s Bank of China (PBOC) has spearheaded the project, and real-world trials are
    currently underway. While a nationwide roll-out is still pending, testing is underway in Beijing, Chengdu, Shenzhen, Suzhou, and more. It involves the local government handing out a certain amount of yuan via a lottery. Users usually have to download a separate app to receive the currency. The system is officially called Digital Currency Electronic Payment (DCEP).

    Private companies like Alipay and WeChat dominate the current payments landscape in China. The government isn’t comfortable giving critical data access to corporates and intends to control and administer the payments industry directly. Unlike cryptocurrencies, China’s CBDC solution is closely monitored by a central authority, and the primary motive is to phase out coins and notes.

    For a more in-depth discussion, come on over to Business Insider Cryptosphere
    — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve.

    SEE ALSO:
    VISA crypto debit cards are coming to Australia amid regulatory uncertainty

    Canadian crypto mining company is eyeing Bitcoin worth ₹96.6 crore this month after China’s crypto crackdown

    Related articles

    Comments

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Share article

    Latest articles

    WazirX, Presearch and Komodo rally after data shows a surge in user activity

    The characteristically volatile nature of the cryptocurrency market is back in full force on Dec. 2 after the optimism of the past couple of...

    Onomy Protocol to Spearhead Institutional Adoption of

    Breadcrumb Trail Links Newsfile Author of the article:   Article content Casper, Wyoming–(Newsfile...

    Fidelity’s spot bitcoin ETF is set to start trading in Canada, while its US fund is still waiting for the SEC’s green light |...

    Fidelity has launched a spot bitcoin ETF in Canada that will start trading on Thursday. Fidelity is "the biggest asset manager to date with a...

    Newsletter

    Subscribe to stay updated.