China crypto news of the week (July 26 to August 3): The Chinese government will maintain high pressure on virtual currency transactions.

Aug 03, 2021

The Central Bank of China

The Central Bank of China: In the second half of the year, continued to put high pressure on virtual currency trading. The meeting emphasized that the crackdown on crypto in the second half of the year is to "maintain" rather than strengthen, which may imply that there will be no big new policies, but the continuation of current policies.

On August 3, the Shanghai headquarters of the People's Bank of China held a working meeting for the second half of 2021, which proposed the achievements made this year, including steadily promoting financial supervision and risk prevention and control and maintaining the overall situation of local financial stability. Continue to guard against the risks of virtual currency transactions and ICO token issuance, and urge the rectification of newly discovered illegal businesses. Strengthen the supervision, law enforcement inspection and punishment in the fields of payment and settlement, anti-money laundering, credit investigation and cross-border funds, and "zero tolerance" for all kinds of violations.

For the work in the second half of the year, the Shanghai headquarters of the People's Bank of China pointed out that it would severely crack down on illegal activities in the foreign exchange field such as underground banks, cross-border gambling and online foreign exchange speculation; We will do a solid job in anti-money laundering supervision and promoting the conviction of money laundering. There is no specific reference to virtual currency.

Huobi

China’s National Enterprise Information Disclosure System shows that China’s largest exchange, Huobi, applied for the cancellation of its most important Chinese company on July 22. OKEx also cancelled its Chinese company in June. They hope to move overseas, especially Singapore.

Huobi responded: This is the entity that Huobi registered in Beijing in the early years. This institution is not the operating entity of Huobi Global. The entity applied for cancellation because it did not carry out any business and did not need to continue to exist.

Tencent’s NFT

Tencent is about to release the NFT platform "magic core". It is reported that a third party can issue NFT works of art on the platform. The first NFT project comes from a well-known cultural interview program IP. The project team comes from Tencent platform and content business group (PCG) and relies on "Zhixin chain". At present, several teams within Tencent are considering launching NFT related services.

We found that several app websites have uploaded the introduction and download of the app. The introduction is: using NFT (non homogeneous proof of rights and interests) technology, you can buy tamperable and indivisible digital cultural goods in the magic core app, and your rights and interests will be permanently recorded on the blockchain. No longer worry about storage, circulation, loss, theft, transportation and other problems, you can easily and quickly buy all kinds of digital collections, appreciate and manage these really belong to you, and enjoy your digital rights and interests. The picture shows that a limited edition NFT vinyl record will be pre sold on August 2 at 18 yuan.

Previously, Tencent music said it would launch NFT encrypted art service TME digital collection, and its QQ music has taken the lead in opening the internal test of this function. NFT digital collections relying on blockchain technology have collection value because of their authenticity and uniqueness. This form has attracted great attention and pursuit overseas. At the same time, it also provides new solutions for intellectual property protection in the digital music era. In the future, this technology may be widely used in artists' digital albums and limited peripheral products.

Colin, editor in chief of Wu blockchain, pointed out that because of China's strict regulatory policies, most NFTs launched by Internet companies can neither be auctioned nor traded, and are built on private chains or alliance chains, so they are quite different from real NFTs.

LBANK

The shareholder of LBANK, a Chinese exchange, stole 597,000 FILs that users participated in the public offering, equivalent to 190 million RMB. At present, LBANK has reported the case to the police.

Skynet 2021

According to the August 2 central disciplinary commission organ report China Discipline Inspection Monitor: According to the "Skynet 2021" operation unified deployment, the People's Bank of China in conjunction with the Ministry of Public Security to carry out prevention, combat the use of offshore companies and underground money houses to transfer stolen money abroad special action, not only continue to combat money laundering through underground money houses, but also pay attention to combat the recent emergence of money laundering through virtual currency and other means. Through the precise mapping and crackdown on money laundering channels, the amount of stolen goods recovered in the first half of this year jumped sharply year-on-year to 15.15 billion yuan, effectively safeguarding the interests of the country and the people.

On February 24, the International Anti-Corruption Coordination Group (CEB) held a meeting to implement the spirit of the five plenary sessions of the Central Commission for Discipline Inspection, study and deploy the 2021 anti-corruption international pursuit and recovery work, and launch the "Skynet 2021" operation. The action requires all places in recent years to flee, county level or above, involved in a large amount of money, bad political influence, the masses reflect strong cases of flight to carry out listing supervision, continued release attitude unchanged, determination not to decrease, the scale is not loose strong signal.

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