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Crypto Escapes Scrutiny at Annual China Investor Event

Cryptocurrencies were not brought up for criticism at an annual Chinese consumer protection event, despite rumors to the effect.

Mar 16, 2018 at 6:01 a.m. UTC
Updated Sep 13, 2021 at 7:42 a.m. UTC

Cryptocurrencies were not brought up for criticism at an annual Chinese consumer protection event, despite rumors to the effect.

Multiple sources had shared rumors with CoinDesk in early March that major policy changes would be announced on Mar. 15 night during a national TV program to curb cryptocurrency activities in China, such as trading and disguised initial coin offerings (ICOs).

The annual show is hosted by China Central Television, the country's official broadcast mouthpiece, in celebration of the World Consumer Rights Day, during which questionable company conducts are exposed for the sake of public safety.

It is further co-hosted by major Chinese government agencies including the Ministry of Industry and Information Technology, Ministry of Public Security, Supreme People's Court and Supreme People's Procuratorate.

The rumors had suggested that the program would expose initial coin offerings that still exist in China, some of which may operate so that certain people with access to ICOs would act as agents to invest on behalf of other Chinese investors.

"Everyone was waiting to see what would happen during the night," one source commented.

Indeed, the rumors appeared to have sparked uncertainty within the cryptocurrency community in China, which had already started circulating a leaked rehearsal list of the program prior to the event in a bid to spread an assurance that no discussion of ICOs was on the list.

In the event, the absence of cryptocurrency or ICO related topics promptly killed the talk of crypto scrutiny for now, yet it still remains to be seen whether China will move to enforce further regulatory measures on cryptocurrency activities, following its existing oversight efforts.

As reported before, while China's police force has been expanding its internet monitoring work to cover overseas cryptocurrency activities, regulators have also moved to reportedly block the domestic accounts of cryptocurrency exchanges on social media channels.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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