Chinese RMB stablecoin issuer’s Shanghai office reportedly deserted after police raid, and WeChat offers Bitcoin prices — but for how long?
1. The Shanghai office of a Chinese RMB stablecoin issuer has been reportedly deserted after a police raid. The company, which is believed to have been involved in illegal fundraising activities, has been under investigation by Chinese authorities since August 2020. The company’s stablecoin, which was pegged to the Chinese yuan, was also suspended by the People’s Bank of China in September 2020.
2. WeChat, one of the most popular messaging apps in China, has started offering Bitcoin prices to its users. This move has been seen as a significant development in the country’s cryptocurrency market, which has been largely restricted by the government. However, it remains to be seen how long WeChat will continue to offer this service, as Chinese authorities are known for cracking down on cryptocurrency-related activities.
Summary:
The Chinese government’s crackdown on cryptocurrency-related activities continues, with the recent police raid on a Chinese RMB stablecoin issuer’s Shanghai office. Meanwhile, WeChat’s move to offer Bitcoin prices to its users has been seen as a positive development for the country’s cryptocurrency market, but it remains to be seen how long this service will be available. As China continues to tighten its grip on the cryptocurrency industry, it is likely that we will see more regulatory actions in the near future.