Official: Beijing Has Zero Tolerance on Illegal Financial Activities Under Cover of Blockchain

[ChainDD report] May 23 (ChainDD) At 2019 Beijing Fintech Collaborative Innovation Forum hosted by China Banking Association (CBA) and the government of Haidian district, Beijing city on May 21, Huo Xuewen, Director of the Beijing Financial Bureau, said blockchain application began to increase these days so a group of companies prepared for various approaches of coin offering, however, all the modes they are working on are illegal financial activities. Holding a zero tolerance stance, Beijing municipal government will crack down all of such activities, and is willing to cooperate with public security authorities in case of seriously violation of law. The government can detect all kinds of trick varieties of Payday loan, campus lending and other banned financial businesses.

“My advice is to shut down and never engage in such business. What if those who has already gotten involved? We have zero tolerance and nothing to do but crackdown! Even though the move is beyond our regulatory authority, public security organ can deal with. And I don’t think you need to take risk to that level, ” Huo said, quoted by 21st Century Business Herald.

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