China rewards users who report suspicious crypto projects
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Answer China rewards users who report suspicious crypto projects
Now those who provide information about NGOs that are illegally operating to the Chinese authorities can get a financial reward.
Those who offer ICOs in China illegally.
If someone is able to report to the Chinese authorities and provide information about them, they will be rewarded by the local authorities in China.
mentioned One of the largest trade newspapers in China is “Sina Finance” newspaper recently.
The Chinese authorities are expanding their crackdown on illegal crypto-money collection.
On November 18, China’s financial regulators issued a letter to provincial and municipal government officials in order to prevent illegal fraud cases involving blockchain technology.
They stressed the need to explore it “scientifically and logically”.
Read:Bitcoin value reaches $100,000 on Binance Futures exchange
Rewards will be given to Chinese who report illegal crypto-related fundraising pic.twitter.com/bxt5WdIKLD
– Matthew Graham (@mg0314a) November 19, 2019
The article mentioned in the above tweet reveals that Chinese citizens are encouraged to report all cases of illegal fundraising.
Once the information is verified by the relevant government authorities, a reward can be obtained from the organizers.
As a reminder, Chinese President Xi Jinping has previously urged the adoption of the blockchain technology behind Bitcoin.
But it seems that China wants to open up to blockchain technology only for the time being without cryptocurrencies, which it sees as uncontrollable.
China was the first to ban ICOs in September 2017.
Which was intended to prevent any losses arising from engaging in questionable financial activities.
Read:Inflation rate in Spain and France is at its highest level in four decades… What is the impact of this on the crypto market?
The Central Bank of China (PBoC) has stated that 90% of all coin offerings are scams.
Read also:
Report: China’s Blockchain Spending Will Exceed $2 Billion by 2023
VeChain project gets legal approval from China regulator
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