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Today, a journalist at Beijing political magazine Caijing, Yan Qinwen Zhang Yingxin reported that China is considering ways to convict and sentence crypto activities by law.
While currently there is no legal framework providing this option, the country plans to establish a judiciary system for this purpose. The source of the news is a person close to the Chinese government, who delivered the news to Caijing Magazine. Relevant judicial interpretations are expected to be issued in the future.
Person close to the Chinese government told Caijing Magazine that the Chinese judiciary is investigating how to convict and sentence cryptocurrency behavior, and is expected to issue relevant judicial interpretations in the future. https://t.co/taeJIJQChI
— Wu Blockchain (@WuBlockchain) October 11, 2021
China already announced that all crypto activities are illegal in the country, but it's escalating the statement with documents.
On September 24, authorities in China, including the Central Bank, and the Public Security Bureau issued a "Notice" on preventing any operation related to virtual currencies. China's actions were the strictest measures against the crypto industry.
The country became the first one that labeled all crypto activities illegal and disallowed foreign crypto exchanges to provide services to Chinese residents.
As China Securities Journal announced after this, over 20 crypto-related companies have left China or stopped their operations. This number continues to grow.