- China examines how it can convict and sentence crypto activities endlessly.
- Many suggest that this decision will lead to judicial interpretations in the future.
At the moment, China is reportedly investigating ways and means to declare and sentence crypto activities forever. According to a tweet from Wu Blockchain, China’s swift decision on virtual currencies could possibly call for judicial interpretations in the future.
Based on the status of the investigation, the country’s current laws that term all commercial activities involving crypto as illegal cannot be applied at the moment. Reasonably, this is because the government wants the judicial authority to interpret the previous regulation further.
In addition, China stopped all of its inbound and outbound crypto trading activities going on in the country last month. Not only this alone, but China also ceased all token issuance. This means that Chinese citizens cannot trade or do any other crypto-related activities anymore.
Specifically, this crypto-unfriendly decision of China came at the same time as all exchanges of one crypto after another got banned. In fact, this caused tension and a negative feel as it shocked the entire crypto community. Expanding further, China-based firm Caijing Magazine, also noted that removing exchanges from the country will mute criminal activities.