Chinese state media brag about killing 11 companies caught using crypto

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Eleven companies suspected of illegal crypto-related shenanigans in China have been criticized by the country’s central bank, state media Global Times reports.

Authorities have also taken aim at a prominent Chinese financial website and are investigating eight reports involving currency trading and cross-border trading.

At the end of July, the Shenzhen wing of the People’s Bank of China (PBoC) compiled a list of 46 activities that roughly translate into practical things for the masses.

These activities are supposed to relate to the most pressing and worrying issues affecting the public, with a strong focus on financial matters.

Indeed, China wants to solve a multitude of societal issues through its list without cryptocurrency. The objectives include:

boost employment, strengthen communities with loans, optimize payment services to help older people overcome the digital divide.

The crackdown on the PBoC in Shenzhen is only a small part of China’s war on crypto.

In addition to instructing other large banks and payment companies to act harshly on crypto trading, the bank has also targeted small businesses.

In early July, the PBoC turned its attention to the cultural development of Beijing-based Qudao. The Chinese government forced the shutdown of the company on suspicion of facilitating crypto transactions with its software.

The cultural development of Qudao is said to be the origin of a cryptocurrency called “Mao Li Coin”, which again translates to “Cat Coin”.

China’s restriction on cryptocurrency mining sent shockwaves through the markets earlier this year.

[Read more: China murders Cat Coin company, mounts head in latest crypto warning]

The Chinese government also sued OTC King Zhao Dong – the local Bitcoin billionaire behind RenRenBit – in May.

Zhao was tried alongside 11 others for laundering $ 480 million for an online gambling syndicate. He would have paid a dividend of 70% for cleaning up those funds.

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