The Chinese Communist Party Declares War on Fraud Facilitated by Crypto

The Communist Party of China has begun a severe campaign against telecom fraud. Con artists pose as legitimate businesses in order to trick their victims.

The Chinese Communist Party has issued a strong proclamation against the growing flood of crypto-based telecoms fraud committed from outside. In particular, the government has condemned those who use blockchains, metaverses, cryptocurrencies, and artificial intelligence to plot fraudulent activities.

Notable Chinese journalist Colin Wu recently turned to Twitter to inform the crypto community about the latest development.

The Central Political and Legal Committee of China recently held a plenary session in which they emphasised the need for a legal framework and rigorous governance to combat the proliferation of unlawful activities in China’s cyberspace.

Over the last several years, fraudulent organisations outside of China have reportedly been using misleading techniques to persuade people into taking part in illegal operations. It is believed that the fraud ring lures its victims in by offering them high-paying jobs that don’t exist.

According to the study, modern fraud rings make use of cutting-edge tools like blockchain, the metaverse, digital currencies, and artificial intelligence to stay one step ahead of their victims. Using Web 3.0 capabilities, they were able to create more sophisticated and covert criminal apparatuses.

The sheer audacity of the fraudulent schemes has energised the Party’s desire to put a stop to them. The Party has advocated for more international cooperation in law enforcement in order to launch coordinated offensives against the transnational threat.

The government of China is increasing its public education and awareness activities to counter this danger. These initiatives have as their ultimate goal equipping individuals, especially younger people who are more vulnerable to these schemes, with the information and tools they need to recognise and prevent telecommunications and network fraud.

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