Chinese Authorities Use Commercial Banks To Convince The General Public That Crypto Is Bad

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The opposition of the Chinese government to cryptocurrencies is well known. Earlier this year, authorities there cracked down on the mining of cryptocurrencies and crypto exchanges in the country. 

Now authorities there have embarked on a mission to “educate” the general public on the ills of crypto and money-laundering. This so-called “education” of the general public is being carried out by the provincial branches of the biggest commercial banks of China

However, reports emerging from China suggest that some public officials do not accept the government’s thinking that crypto and mining are “bad.” 

Messages that warn customers to refrain from buying, selling, or using cryptocurrencies are prominently displayed at the bank branches and waiting rooms. All banks of the country have stopped allowing their customers to conduct crypto transactions.

According to a report published in the Chinese media outlet FJSen, a month-long event in this regard has been started by the Dongshan County (Fujian Province) Branch of the Postal Savings Bank of China. This event entails the bank staff going into the country and telling members of the local community about how crypto assets are used for crime and that people would be taking a big risk if they invested in crypto-related assets. 

The bank has named the campaign the “Prevention of Criminal Activities Using Virtual Currency for Money Laundering” and communicates the bank’s requirement to comply with its “social responsibilities.” 

The report also printed photographs of the bank’s employees visiting a busy market in the town of Xipu to inform the people visiting the market and stall owners about the pitfall of dealing in crypto. The employees are also asking people “not to fall for” advertising that glorifies crypto trading or the pledges made in the advertisements of huge returns from investing in crypto assets. 

A picture of a young female employee of the bank trying to convince an elderly woman in the market on the issue was also published by the media outlet.

Similar campaigns at many of the other branches have been initiated by the bank and many of the other leading Chinese commercial banks.

According to another report published by the state-owned Xinhua News Agency, a “number of violations of regulations” pertaining to crypto mining had been unearthed by the law enforcement authorities in the Zhejiang Province, together with national cybercrime investigating agencies. The security people had “randomly spot-checked” 36 IP addresses linked to 20 state-owned entities in seven regions of the country.

During that operation, law enforcement agencies also found that mining of digital tokens was being carried out by government employees at 14 of the 20 state-owned institutions. The employees were using public resources for mining.  Those accused of the crime included the manager of a computer room with the surname Ding at the Vocational Education Center in the Shangyu District. That employee used government facilities for mining ravencoin (RVN) for “111 days”. Ding had used three mining rigs and the internet capabilities of the facility.

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