The repercussions of China’s policy of pressure on Bitcoin and cryptocurrencies continue. According to the news in China’s local media, it remains unclear what kind of attitude the Chinese judiciary will take after the latest bans.
Chinese journalist Colin Wu shared that he is investigating how the Chinese judiciary and government will sanction activities related to cryptocurrencies.
Referring to an article published in the Beijing-based Caijing magazine, Wu said there is a need to publish comments from the judiciary in this area.
According to Wu, existing laws that make activities involving cryptocurrency trading illegal cannot be enforced. After the last bans, the judiciary needs to re-evaluate these laws.
In the news shared with reference to sources close to the government, it was also stated that the Chinese government is preparing to make new legal regulations on this issue. It was emphasized that the government has a plan to make illegal cryptocurrency activities a crime punishable by jail time.
After the toughest ban ever, China seems to have no intention of stopping. Chinese lawyers state that these bans may mediate the undergrounding of crypto activities and their use in more crimes.
Person close to the Chinese government told Caijing Magazine that the Chinese judiciary is investigating how to convict and sentence cryptocurrency behavior, and is expected to issue relevant judicial interpretations in the future. https://t.co/taeJIJQChI
— Wu Blockchain (@WuBlockchain) October 11, 2021