Crypto Escapes Scrutiny at China’s Annual Consumer Protection Event

Cryptocurrencies were not brought under scrutiny at China’s annual consumer protection event as rumored before.

Multiple sources have shared with CoinDesk rumors 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).

That date points to an annual program hosted by the 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.

The program is also 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 said the program would expose initial coin offerings that still exist in China, some of which may operate in a way that certain people with access to ICOs would act as agents to invest on behalf of other Chinese investors.

“Every one 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 bid to spread an assurance that no discussion of ICOs was on the list.

While the absence of cryptocurrency or ICO related topics had killed the widespread rumor, it remains to be seen whether China will 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 overseas cryptocurrency activities, regulators also moved to reportedly block domestic presence of cryptocurrency exchanges on social media channels.

CCTV headquarter in Beijing via Shutterstock

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