China has been running hard to curb trading of cryptocurrencies in the country. After taking a crackdown at the cryptocurrency miners, they are going to take a sweep at fake blockchain platform.
The five regulatory agencies of China – People’s Bank of China, the Supreme People’s Prosecutor, the Supreme People’s Court, the Ministry of Public Security, and the Ministry of Industry and Information technology , will join forces to fight the internet financial frauds.
PBOC is the mainland’s central bank, and currently the largest bank of its kind in terms of asset holding. MPS is the national police force with around 2 millions officers. The revolution of internet and financial innovation in China has come with a bigger ost of growing fraudery.
Vice President of Ministry of Public Security Shi Jun said that they will initiate a special campaign to put on break on internet financial crime. This announcement is further fuelled by the rumours that MPS might arrest a known public figure to send a message across all the country.