Introduction

China is warning telecom existing companies overseas don’t practice new technologies - digital assets, blockchain, artificial intelligence (AI), and the metaverse - for nefarious purposes.

Deceptive Tactics

According to the Global Times, citing a statement by the China Central Political and Legal Commission, “entities operating from outside China were using deceptive tactics like pretending to have lucrative business opportunities to recruit unsuspecting victims.”

Criminal Tools

“From the point of view of fraud methods and scam groups use blockchain, metaverse, virtual currency, artificial intelligence, and other new technologies and new formats continuously update criminal tools and become more hidden and confusing,” the commission said. “This requires public security, finance, communications, internet, and other departments to work together, the application of advanced technical means, and fulfill the responsibility of the main body of supervisors.”

Fighting Illegal Activities

The committee vows “extreme dissension down,” he increases public educating and supporting judicial departments to detect and prevent illegal activities of foreign companies.

He did not name the companies or groups it was referring to.

Telecom Network Fraud Cases

Intermediate People’s Court of Xuzhou, east China’s Jiangsu Province, is said to be the focus on 52 telecom network fraud cases. A total of recently, 85 defendants have been sentenced.

Changing Stance on Cryptocurrency

The announcement coincides with what seems to be an about-face on the part of China when it comes to cryptocurrency. Hong Kong, for example, individual investors are now allowed to buy bitcoin (BTC). This move, observers note, could be a sign that China is warming up to cryptocurrency trading once again.

China’s History with Cryptocurrency

He remembers how China was once a leader in cryptocurrency adoption and mining. But in 2017, it gradually began to ban cryptocurrency mining and trading in general, indicating that it no longer viewed digital coins as legal tender. Major crypto-related websites, including CoinGecko, TradingView, and CoinMarketCap, have been blocked by China’s internet firewall.

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