China’s Crucial Step Towards Protection Against Crypto Scams

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Key Takeaways:

  • The Gansu police have arrested 7 suspects regarding a crypto scam.
  • The Supreme People’s Court has revised criminal judicial interpretation to prevent further illegal activities. 

On Thursday, the Supreme People’s Court of China released a “Decision on Amending the Interpretation of the Supreme People’s Court on Several Issues Concerning the Specific Application of Law in the Trial of Criminal Cases of Illegal Fund Raising”. It includes revised and improved conviction and punishment standards related to illegal fundraising, crypto trading, and illegal fundraising in elderly care. This is because they are considered to have the potential to fund criminal activities. 

Recently, The Pingchuan Branch of the Public Security Bureau of Baiyin City, Gansu Province, reported about an online pyramid scheme arranged using digital currencies. As a result, the police have taken into seized and froze more than 8.46 million Ripple coins and have taken 7 main suspects into custody. 

Economic Crime Investigation Brigade of the Pingchuan Branch of Baiyin City Public Security Bureau investigated the matter. It revealed that the scammers were luring their victims by asking them to install “Ripple UnionPay Community” and guaranteed that the application use node dividends, community promotion awards, community operation awards, performance awards and several other techniques to acquire large profits. 

The revision of the criminal judicial interpretation includes new legal practices with the goal to establish a legal infrastructure to punish criminal acts involved in peer-to-peer lending and elderly care sectors. These steps are to ensure safety and to provide stability to China’s economy. 

Furthermore, the revision has 15 terms that have been compared with the nine terms in the original version and also has clarifications regarding the standards for conviction, punishment, and compensation. 

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Shreya Bhattacharya

A journalist & writer exploring new topics every day!

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