Bluebook of Blockchain: China finds illegal crypto projects

by in Cryptocurrency News

Chinese crypto projects

On Thursday, November 21, five commercial and technology specialists led by People’s Bank of China collectively issued the Bluebook of Blockchain, mentioning all criminal and deceitful systems in the sphere.

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Head of the nonprofit Beijing Blockchain Application Association Yedong Zhu said that about 89% of Chinese blockchain organisations - estimated 25000 - have made efforts to develop their tokens, while barely a few per cent of them - around 4000 - are entirely focused on blockchain apps.

In 2017 the Chinese officials considered ICOs illegal, yet, China enables cryptocurrency mining and holding of crypto coins/tokens.

Big cities of China, like Shanghai and Beijing, have formed inspection schemes for closing any remaining crypto exchanges. The government has gone so far as to shut down any marketing or related organisation, which promotes crypto firms and those that masqueraded as blockchain companies to launch ICOs.

As to the report, about 28000 Chinese blockchain organisations, which is more than half, are located in Guangdong province in China and the rest are based in Shanghai and Beijing.

China wants to be confident in the fact that criminal companies are not involved in its blockchain support program.