China’s crypto crackdown now attacks forums starting with Coin World

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Bishijie, a Chinese cryptocurrency community and information provider, has shut down its services in mainland China. The company is also called “Coin World” and said it is actively cooperating with regulators and taking corrective action. The past few years have been great for the crypto mining community in China, but May’s crackdown has changed everything. Now, there are no crypto exchanges that are readily available to the average Chinese citizen. China’s crackdown on cryptocurrency is expanding its reach and is now knocking on the door of anyone who dares even talk about digital assets. Bishijie, a Chinese cryptocurrency community and news provider, announced the closure of all of its news portals and apps effective July 14.

The Biworld app and website will cease operations in China with immediate effect.

Bishijie Declaration

Also known as Coin World, the site was best known for providing news, social media services, and business information to Chinese users.

In a statement, the company said it is actively cooperating with regulators and taking corrective action. The site no longer features new updates and the company has not indicated when it will be operational again.

Jiemian says the Chinese news platform #bitcoin and # cryptocurrency https://t.co/Ws7q7WXUq5 would stop the application from working… https://t.co/6NVuuOe5hf

– CN Wire (@Sino_Market) 1626337118000 Bishijie did not say why it was shutting down completely, but Coin World was already under investigation by authorities for illegal token issuance in 2019, according to local media.

China made it clear early on that it was not a fan of decentralized currencies and pledged to take action against the uptrend. The past few years have been great for the crypto mining community as they could tap affordable energy to mine tomorrow’s gold. But the party ended in May, when provincial governments were tasked with a massive crackdown that spared no one. Bitcoin’s hash rate hit an all-time high in no time, and all of the China-based companies have either closed or moved.

Publicity

Now, there are no crypto exchanges that are readily available to the average Chinese citizen. While there are turnarounds, they are riskier and could attract the attention of authorities, directly hampering the adoption of crypto. After shutting down crypto exchanges, it is now attacking media sites that host a lot of crypto content.

Whether they are involved in direct cryptocurrency trading or in providing relevant information services, they fall within the scope of government crackdown, primarily for fears that cryptocurrency will cause harm. systemic risks, “said Chen Bo, director of the Digital Finance Research Center at the Central University of Finance and Economics, Beijing in a Global Times article.

The Global Times is a spokesperson for the Chinese Communist Party (CCP). In addition, he adds that Bishijie was listed as an abnormal business by the market surveillance administration in Beijing because his contact was not possible through his registered address.

China’s crackdown is decisive, and there is no turning back. The authorities have made their decision on cryptocurrencies, and there is no going back. But that doesn’t mean they’ve given up on technology altogether. China is piloting the CBDC (central bank digital currency) instead of a decentralized system to ensure it is not left behind in the tech race.

He has previously released the e-yuan, a digital representation of the physical yuan which has been in the works since 2014. The People’s Bank of China (PBOC) has spearheaded the project, and real-world trials are currently underway. . While a nationwide deployment is still pending, tests are underway in Beijing, Chengdu, Shenzhen, Suzhou and more. This implies that the local government distributes a certain amount of yuan through a lottery. Users typically need to download a separate app to receive the currency. The system is officially called Electronic Payment in Digital Money (DCEP).

Private companies like Alipay and WeChat dominate the current payments landscape in China. The government is uncomfortable giving businesses access to critical data and intends to directly monitor and administer the payments industry. Unlike cryptocurrencies, China’s CBDC solution is closely monitored by a central authority, and the main motive is to phase out coins and banknotes.

For a more in-depth discussion, head over to Business Insider Cryptosphere – a forum where users can delve into all things crypto, engage in interesting discussions, and stay ahead of the curve.

SEE ALSO: Crypto VISA Debit Cards Arrive in Australia Amid Regulatory Uncertainty Canadian Crypto Mining Company Eyes Bitcoin Worth 96.6 Crore This Month After China’s Crypto Crackdown

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