Chinese authorities again published their new draft bill to kick out crypto-related activities from China.
The whole world is witnessing how the Chinese government imposed a strict ban on the crypto industry in China to restrict every possible use case of crypto assets. As a part of the ban, the majority of the businesses left China and shifted to crypto-friendly countries like Kazakhstan and US-like places.
After the announcement of the ban, Chinese authorities tried to bring new rules and laws against the crypto industry, so that the Chinese government can bring a 100% perfect ban against crypto.
In the latest, on 31 December, the Bank of China — China’s central bank published a new draft bill against the crypto industry. Through the drafted bill, they clearly ordered all the companies or individuals to remain away from any kind of internet promotion or circulation or marketing of illegal financial services, which includes cryptocurrencies also.
Reports claimed that this new draft bill is a part of a recent scam that was associated with the Sichuan province, Cambodia, and the Philippines citizens. In this internet-based scam, more than 500 victims were part. That scam resulted in $22 million worth of funds.
People were sending money from one country to another to invest money in crypto assets. However, the whole game was going on for many years but investigations finally exposed everything.
China ban on crypto-related news websites
A few months ago, we reported that China officially didn’t publish any kind of order for any particular news website, which was dedicated to crypto.
But one of the major websites closed its door from the internet world. One of the Executives informed Coindesk that closure is part of the China ban.
Before this, the Chinese government ordered a ban on all kinds of possible crypto-related advertisement websites, which included news websites also but directly closing all their activities is something much suspicious because we can consider that a website can close its crypto-related operation, however, they have options to go with Blockchain and technology related news.