Local officials in Shanghai warned about fake virtual currency cases. Chinese authorities reported the country’s first money laundering case involving digital yuan. Several authorities in local Chinese districts and provinces vow to continue the crackdown on crypto mining.
The world of blockchain moves fast, and nowhere does it move faster than China. Here’s what you need to know about China’s block-world in the week of Nov. 17 to Nov. 25.
Fake virtual money
Shanghai’s procuratorate in Songjiang District said on Wednesday that they have observed a rising trend of criminals using fake virtual currency compared to traditional currency, based on reports of fake money cases in 2021. The procuratorate warned that criminals tend to draw people into scams based on popular virtual and digital currencies. (China Start Market, in Chinese)
Digital yuan money laundering
China’s northern region of Inner Mongolia has reported the first digital Renminbi money laundering case, according to police in the city of Baotou. The case involved RMB 8 million ($1.25 million). A fraud group from outside of China asked a Chinese group to launder money for them in the form of digital yuan. China’s central bank, the issuer of the national digital currency, helped the Baotou police to investigate the case. (Baotou News, in Chinese)
Crypto news sites go offline
Chinese crypto news outlets ChainNews and Odaily have suspended their websites as China continues to crack down on trading and mining cryptocurrency. On Monday, ChainNews tweeted that it was suspending its service for 8-10 hours due to site upgrades and maintenance. The site remains down as of publication, but the outlet is still active on Twitter. Chinese blockchain industry site Odaily also stopped access to its site, but it remained active on Weibo and Twitter. (SCMP)
Crypto mining crackdown continues
Several local Chinese authorities have announced more actions aimed at crypto mining in their jurisdictions. Authorities in the southeastern city of Guiyang set up a new hotline for people to report on mining activity, while the Sichuan provincial government organized a video conference to plan further mining crackdowns. Authorities in Fujian and Beijing’s Haidian district also had similar discussions. (Guiyang and Sichuan, Fujian, Beijing, all in Chinese)