Bitcoin Price Plummets After Beijing Warns of Crypto Crackdown
After increasing in value for months, cryptocurrencies, led by Bitcoin, have recently depreciated across the board. Chinese state media admitted that it’s directly related to two recent moves by Beijing financial authorities.
The first major action was on May 18, when National Internet Finance Association of China, China Banking Association, and Payment & Clearing Association jointly issued a statement on preventing the risks of speculation in virtual currency transactions, saying that speculation in virtual currency transactions “disrupts the normal economic and financial order.” It asked its members to “resolutely not carry out or participate in any business activities related to virtual currency.”
Illegal gambling operators have until April 30 to confess and avoid serious punishment.
China has issued a warning to illegal gambling operations with the Ministry of Public Safety announcing an amnesty which will protect those individuals who come forward and admit their involvement, by April 30.
This cease and desist order on cross-border illegal gambling was a joint issue by the Ministry, the Supreme People’s Procuratorate, the Supreme People’s Court, and, is the arm that will fight China s continued illegal gambling battle.
The offer of amnesty focuses on those that would be prosecuted for organizing or operating illegal gambling, as published in Article 303 of China s criminal laws. Customers would also be targeted, which makes this issue far more complex.
8th February 2021
| By Robin Harrison
China’s Ministry of Public Security has announced an amnesty in which individuals that come forward to confess their involvement in illegal gambling operations will avoid serious punishment, provided they do so by 30 April.
The ‘Notice on the surrender of cross-border gambling-related criminal suspects’ was jointly issued by the Ministry, the Supreme People’s Court, and the Supreme People’s Procuratorate, and forms the latest step in China’s ongoing crackdown on gambling.
It targets individuals that would face charges of organising or facilitating illegal gambling, as set out in Article 303 of China’s criminal laws, as well as the customers of these operations.
GGRAsia – China says probe on outsiders urging its people to gamble ggrasia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ggrasia.com Daily Mail and Mail on Sunday newspapers.
Beijing will add more overseas gambling destinations to its travel blacklist for Chinese nationals as it clamps down on an activity that it says sees an estimated 1 trillion yuan (US$155 billion) of capital outflows annually. The restrictions aim to "better regulate the tourism market and safeguard the lives and property of Chinese citizens", the Ministry of Culture and Tourism announced on its website on Tuesday. The blacklist - introduced in.