China Issues a Public Statement Regarding Cryptocurrencies

August 8, 2023

By Sharan Kaur Phillora

The Chinese Communist Party (CCP) recently issued a robust public warning to overseas telecommunications and internet fraud groups, vowing to harness all resources in its fight against illegal and criminal activities.

Here’s what we know:

The CCP statement detailed how these groups are exploiting innovative technologies and new platforms, such as blockchain, metaverse, cryptocurrencies, and artificial intelligence, to defraud and cause harm. Notably, the use of blockchain technology was prominently highlighted.

The party pledged to collaborate with the relevant nations to dismantle these electronic fraud centers, with an aim to protect people who have been ensnared by their deceptive tactics.

The warning emerged from the recent plenary session held by the China Central Political and Legal Committee. The committee advised steadfast adherence to systematic management, the rule of law, and managing issues at their source. The aim is to forestall overseas telecommunications and internet fraud and other illicit actions in line with legal protocols.

The committee underscored how these fraud groups are manipulating innocent individuals into fraudulent schemes under the facade of “high-paying recruiters”. This, they said, is fostering a chain of dark sectors, including violent detainment and human trafficking, which pose serious threats to personal safety and property.

Learning from current law enforcement models, the committee also emphasized creating a standardized cooperation mechanism to combat overseas telecommunications and network fraud. 

The focus will be on developing a strong, long-term deterrence against criminals while maintaining friendly cooperation with other nations. The committee confirmed plans to intensify scrutiny of new technologies and platforms such as blockchain, metaverse, virtual currencies, and artificial intelligence. 

This move is designed to prevent their misuse as modern tools of crime by fraud groups, thus reflecting China’s resolution to mitigate tech-based fraudulent activities.

About the author

Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.

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