Chinese Crypto Crackdown: Shanghai Municipal Office Bans Crypto App
The latest development in China’s Crypto Crackdown saw the Chinese international communication office delist Block Eye, the popular Chinese Crypto App. The Shanghai Municipal Administration of Communications announced that all app stores must remove “Block Eye”, after a notice from the People’s Bank of China (PBoC).
The rectification of virtual currencies continues in China. The Shanghai Municipal Administration of Communications requires all app stores to remove the "Block Eye" (区块天眼)app. pic.twitter.com/s7rltrktzq— 8BTCnews (@btcinchina) September 6, 2021
Crypto App Banned upon issuance of tokens
Shanghai Municipal Office revealed that the Central Bank highlighted Block Eye’s violation of the nation’s crypto crackdown regulations. It stated that the app facilitates intermediary information for virtual currency transactions. Furthermore, it publicizes crypto transactions by conducting commercial displays, along with marketing for virtual currency-based business activities. This, according to the agency’s announcement is a violation of the crypto norms laid out by the PBoC.
“’Letter on the Request for Disposal of Suspected Virtual Currency Propaganda and Hype Platform’ pointed out that the ‘Block Sky Eye’ app is a virtual currency. The transaction provides information intermediary services, guides virtual currency exchanges, and conducts commercial display and marketing promotion for virtual currency-related business activities, which violates the Announcement on Preventing the Risk of Virtual Currency Transaction Hype and on Preventing the Risk of Token Issuance Financing”, stated the agency issued announced on the ban of Block Eye.
However formerly, Block Eye was an application for users to acquire blockchain companys’ information. But recently, the app issued its own tokens, which according to 8BTCnews became the core cause for its delisting.
China announced the end of Crypto crackdown
Last week, the Chinese Central Bank announced the completion of the nationwide virtual currency transactions crackdown, followed by “normalized supervision” in the nation. According to the ‘China Financial Stability Report’, the Bank revealed that their aim to crackdown cryptocurrency basically reached its end. As the necessary regulatory amendments throughout the country in several digital spheres reach completion, the Central Bank revealed that the supervision will change from crackdown mode to routine operations.
“Online asset management, equity crowdfunding, Internet insurance, virtual currency trading, internet foreign exchange trading, and fields have basically completed the rectification work and have been transferred to normalized supervision.”, stated the People’s Bank of China.