China bans strictly regulated blockchain NGOs

China is stepping up the fight against crypto-related organizations due to the recent suspension and banning of the Chinese Blockchain Application Center (CBAC). Although the organization had the support of former regulators, it was shut down for acting without registration. 

China’s fight against any crypto-related business activity has not weakened, the South China Morning post reported. CBAC was closed by the authorities because it was an “illegal public enterprise” that” violated the regular management of social organizations.” 

All NGOs in China are strictly regulated, and given that President Xi Jinping has contributed to expanding research and development in the field of blockchain in 2019, blockchain technology is certainly supported. 

However, this did not benefit the blockchain of the NGO in question. A previous statement by CBAC said the aim was ” to work with regulatory agencies to jointly promote the orderly development of the blockchain industry.”” 

So imposing such a ban on the organization may come as a surprise. He has not commented on the situation in any way so far. 

CBAC, on the other hand, had very influential members from the crypto sector, including Li Lin, founder of Huobi, the world’s second-largest cryptocurrency exchange by trade volume. Also, Xu Mingxing, founder of the okcoin exchange, who is the founding chairman of the Board Committee. 

NGO consultants were even more effective. Among them are Xiong, the Vice Governor of the people’s Bank of China, and Wei Yinging, the former vice chairman of the China Insurance Regulatory Commission.Dec. 

Former CBAC President Guo Juheng said at a press event in 2020: 

“The development of Blockchain technology is inextricably linked to the constant communication between innovators and regulators, and CBAC also hopes to be a better bridge between the two decisively and decisively.,” 

Huobi Stock Exchange, previously established in China

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