China wants to prosecute crypto activities
The Chinese judiciary is reportedly looking at the possibility of convicting and sentencing activities related to cryptocurrencies. This latest development comes a few weeks after the authorities banned all cryptocurrency activities in the country.China-based crypto journalist Colin Wu revealed this information in a tweet earlier today. The government is expected to issue judicial interpretations in the future.
The report pointed out that the government knows the current laws in China that make commercial activities involving crypto illegal cannot be applied. Hence they are imploring the judiciary to interpret them.
China banned all crypto transactions last month
The move by the government doesn’t come as a surprise as it has already banned cryptocurrency activities in the country. Last month, the People’s Bank of China (PBoC) announced that all services that allow fiat currencies to be exchanged with crypto assets or between crypto-assets themselves will now be treated as illegal activities.As a result of the ban, numerous companies, including Huobi, BitMart, Biki and Bitmain, have all announced that they would stop providing services to mainland China users over the coming weeks.
Despite China’s ban on cryptocurrencies, the crypto market has been performing excellently since the start of the month. Bitcoin is currently closing in on the $57k level and could soon attempt to reach the $60k point in the coming hours or days.
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