The Chinese Supreme Court Assures of Stringent Investigations over Crypto

August 9, 2022

According to the report of China Securities News on 25th July, a press conference was conducted by the Chinese Supreme Court where they claimed that they will provide judicial services as well as ensure the acceleration of a unified crypto market across the country along with supporting the typical cases through the Supreme People’s Court’s Second Division.

The Chinese Supreme Court Reiterates Regulating Crypto Market

Zhou Lunjun (the Deputy Chief Judge) stated – while answering a question regarding the protection of the investors – that the trial experience will be further summarized by the end and they will actively be carried out. He added that they will include exclusive case types taking into account financial product transfers across the borders, cryptocurrencies, as well as the securities that are backed by the assets.

Liquor Giant “Moutai” Introduces Blockchain

China has been in the headlines today morning in the crypto-verse as Moutai – the biggest liquor platform operating within Chinese jurisdiction – has introduced its blockchain. The respective initiative was started after the partnership between Moutai and Alibaba Group Holding Ltd. in 2018 to construct an anti-counterfeiting system that would run on a blockchain.

Recently, the venue began a marketing campaign through social media platforms taking into account YouTube, Instagram, Twitter, and Facebook, and got considerable attention throughout the globe, with more than 21.16M impressions as well as up to 500,000 interactions from fans (taking into account approximately 260,000 views over their videos). Hence, Moutai is moving to accomplish its vision of expanding its user base across the world at a rapid pace.

Consumer Protection Gets Significant Place in Supreme Court’s New Crypto Regulation

Nonetheless, the government under Xi Jinping (the president of China) has been sticking to a strict stance in confronting the leveraged and acquisitive private firms working within the country’s jurisdiction along with the giants that have excelled to a great extent. In this respect, the regulators penalized Didi Global Inc. (a China-based mobility tech venue) for up to $1.2B (8B yuan) over violating the regulations. 1 million yuan has also been fined to each Jean Liu (the president of the venue) as well as Cheng Wei (the Chairman of Didi).

In the above-mentioned press conference, it was clarified that the Supreme People’s Court has compiled several judicial policy transcripts and judicial interpretations to provide a trustworthy environment to the investors, as well as to minimize the organizational charges to be spent on financing the capital market and also to administer a capital market that will be unified.