China Breaks Silence on Crypto Matters

The Chinese Communist Party has issued a strong warning to overseas telecommunications and network fraud groups, vowing to take decisive action against their illegal and criminal activities.

The party expressed concern that fraud groups are exploiting new technologies and formats, including Blockchain, metaverse, virtual currencies, and artificial intelligence, to deceive and harm people. In response, the party pledged to collaborate with relevant countries to dismantle electronic fraud centers and rescue victims trapped in these schemes.

At a recent plenary meeting of the China Central Political and Legal Committee, the need for systematic management, rule of law, and management at the source was emphasized to prevent overseas telecommunications and network fraud, along with other illegal and criminal activities.

The committee highlighted that fraud groups are using deceptive tactics, such as posing as “high-paying recruiters,” to lure and coerce innocent individuals into fraudulent activities, leading to a range of nefarious practices like violent detention and human trafficking that jeopardize people’s safety and property.

To combat these threats effectively, the committee will examine the current law enforcement model and explore the establishment of a normalized cooperation mechanism to target overseas telecommunications and network fraud. The goal is to establish a strong, long-term deterrent against criminals while maintaining a friendly cooperative relationship between China and related countries.

Additionally, the committee emphasized its commitment to strengthen oversight of new technologies and formats exploited by fraud groups to modernize their criminal tools. Notably, Blockchain was specifically highlighted in the statement as a technology requiring increased vigilance.

With these measures in place, the Chinese Communist Party aims to tackle the rising challenge of overseas telecom and network fraud effectively and safeguard its citizens from falling victim to these illegal activities.

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