Their past record will also be looked at when announcing punishment for those who raise money through cryptocurrencies. If the criminal record of the accused is found, then the punishment will be decided accordingly.
In recent times, there have also been cases of fund raising through cryptocurrencies from countries like Ukraine and Canada. A report by CryptoPotato states that China wants to eliminate financial crimes through these guidelines and punish those involved in raising funds through cryptocurrencies.
By the way, this attitude of China towards the crypto sector is not new. In September last year, China completely banned crypto mining and trading. At the time this decision was taken, China had the largest number of crypto miners in the world. China has not yet told why it took such strict steps regarding crypto.
However, the chief of auto maker Tesla, Elon Musk, said that the lack of electricity in China could be one of the reasons, which led to the ban on crypto mining. Significantly, a huge amount of electricity is spent in crypto mining.
It is worth noting that the stand of most countries of the world regarding cryptocurrency is not yet clear. Illegal activities such as money laundering, tax evasion and terror funding have become easier due to this, due to which governments around the world are not able to show a positive attitude towards crypto.
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