According to an update, Shanghai regulators is making stern moves to regulate dubious cryptocurrency, shitcoins, trading and other digital currency activities in the region. The related update attached memorandum that explained the process of the scrutiny.
It is factual that China, the most populous country in the world has been in-between two opinions regarding its stance on cryptocurrency-related activities and operations in the country.
Notification of Crypto-Related Activities in Shanghai China
China is a country known for criticism of cryptocurrency-related activities right from time. The country has once come up with the proposal of banning Bitcoin mining, citing the outrageous consumption of electricity.
Back then, the crypto space was preparing for the proposed ban and the possible aftermath. But the threat of banning Bitcoin mining later subsided, and greeted with the news of China’s interest in Blockchain technology and in creating a digital currency in the form of its national currency, Yuan.
However, giving freewill to the patronage of cryptocurrency without proper check and regulation could end in fighting the country back. This could have prompted Shanghai’s authority to move for a means to clamp down on unsolicited crypto-related activities.
This update was hinted on Twitter by a user identified as Crypto Even. To prove the authenticity of the news, the updater attached a memorandum passed by the Shanghai government to prepare the minds of the populace towards its move to regulate activities related to cryptocurrency.
Crypto Even shared thus; “BREAKING LEAKED!!! Shanghai government has officially announced a war towards shitcoins and certain crypto-related activities. Please read my translation attached to this tweet for details. The authenticity of this document has been confirmed by multiple sources. I rest my case.”
According to the shared memorandum, the focus of the determined regulation was pinpointed in the dispatched notice. This was also highlighted by the said cryptocurrency commentator, Crypto Even as follows;
- Domestic crypto trading
- Certain crypto-related Fundraising
- Cooperators of certain types of ICOs and trading agent services.
Image Credit: Twitter