After closing down exchanges and other related businesses, China is now targeting crypto community forums like Coin World.
China's anti-cryptocurrency campaign is spreading, and it's already knocking on the doors of everyone who even mentions digital assets. Bishijie, a Chinese cryptocurrency community and information provider, has announced that all of its news portals and apps will be shut down as of July 14.
The site, sometimes known as Coin World, was most known for offering Chinese users with news, social networking features, and trading information.
The corporation said in a statement that it is actively collaborating with regulators and taking corrective action. The site is no longer showing any new content, and the corporation has not stated when it will be back up and running.
Coin World was already being probed by the authorities for illicit token issue in 2019. Bishijie did not indicate why it was closing down completely, according to local media.
China has made it clear from the start that it is not a fan of decentralised currencies and has threatened to intervene if the trend continues. The crypto mining community has had a terrific few years, as they have been able to use low-cost energy to dig out tomorrow's treasure. The party, however, came to an end in May, when provincial governments were given the responsibility of carrying out a sweeping crackdown that spared no one. Within a short period of time, Bitcoin's hash rate had dropped to an all-time low, and all firms situated in China had either shut down or relocated.
There are currently no crypto exchanges that are freely accessible to the typical Chinese resident. While there are turnarounds, they are riskier and may draw the attention of regulators, putting crypto adoption at risk. It's now targeting media sites that host a lot of content about cryptocurrency after shutting down crypto exchanges.
In a Global Times article, Chen Bo, Director of the Beijing-based Central University of Finance and Economics' Digital Finance Research Center, said, "Whether involved in direct cryptocurrency trading or providing relevant information services, they are within the scope of the government's crackdown, mainly because of concerns that cryptocurrency will cause systemic risks."
The Chinese Communist Party's spokesperson is the Global Times (CCP). Furthermore, the Market Supervision Administration in Beijing designated Bishijie as an anomalous firm because it could not be reached at its registered address.
China's crackdown is ruthless, and there is no going back
The government has made up its opinion about cryptocurrencies, and there is no turning back now. However, this does not imply that they have completely abandoned the technique. To avoid falling behind in the technological race, China is testing CBDC (central bank digital currency) rather than a decentralised system.
It has already published e-yuan, a digital depiction of the Chinese currency that has been in development since 2014. The project was spearheaded by the People's Bank of China (PBOC), and real-world testing are presently underway. While a statewide rollout is still in the works, testing is now taking place in Beijing, Chengdu, Shenzhen, Suzhou, and other Chinese cities. It entails the local authority holding a lottery to distribute a set sum of yuan. To obtain the cash, users must usually download a different app. Officially, the system is known as Digital Currency Electronic Payment (DCEP).
The present payment landscape in China is dominated by private enterprises such as Alipay and WeChat. The government does not trust corporations with sensitive data and plans to manage and administer the payments industry directly. Unlike cryptocurrencies, China's CBDC solution is carefully regulated by the government, with the primary goal of replacing coins and notes.