China is facing a regulatory spacing in handling seized cryptological means, relies on local companies: report

Seized crypturars become a growing source of income for local Chinese governments, despite the country ban on the CRIPTO trading.

As ChinaA bunch of seizured cryptocurries continues to grow – thanks to the constant flow of illegal transactions – local governments quietly rotate private companies to convert tokens to cash, Reuters reports.

Chen Shi, Professor at the economic and law of Zhongnan, said Reuters that such disposal was “improvised solution that, strictly, was not entirely entirely with Chinese bansay of CRIPTO TRADE,” suggesting that better supervision is required.

Guo Zhihao, a lawyer from Beijing Iing a law firm, also pointed out that there was conflict between cryptic prohibitions and the need to engage in crieders as Chinese conflicts with local authorities to liquidate digital currencies. “

China sells a banna cripto despite the ban

Guo believes that the National Bank of China, the Central Bank in the country, enters because it is “better positioned to engage in cryptures, and should also sell them abroad or build cryptic reserves from sequential tokens such as trumps planned.”

Meanwhile, BlocCchain service provider said that private companies can be legitimate to help cryptocurzi, provided they are kept by property, use licensed offshore stock exchanges, and in accordance with capital control.

Sun Jun, a lawyer who is focused in the Kruptou and an older partner in Shanghai, says that it attracts more and more participants, “adding that the government should clarify the legal status of virtual currency, establish a formal system for them and screen.

China imprisoned His local cryptocurrency is exchanged in 2017. years, suffocation of a speculative market that accounted for 90% global trading Bitcoin. In September 2021. year, the Chinese government has introduced Complete ban on all cripto stores.