Chinese Banking Community ‘Educates' the Public on the Risks of Cryptocurrency

It seems that the message that crypto is “bad” isn’t transmitting to some government personnel.

Some provincial branches of China's major commercial banks have started "educating" the public about the risks of cryptocurrency and money laundering, but it appears that some public officials aren't getting the message.

Following the tightening of crypto regulations in the banking and mining industries this year, banks have begun issuing warnings inside branches and waiting areas to their customers about cryptocurrencies.

According to a media source in Fujian Province, the Dongshan County (Fujian Province) Branch of Postal Savings Bank of China has begun a month-long campaign in which its employees will go out into the county and educate community members about cryptoassets being tools of crime, as well as the danger of investing in crypto-related assets.

The bank has talked of its social responsibilities, and it's calling its effort the “Prevention of Criminal Activities Using Virtual Currency for Money Laundering” campaign.

Workers were sent to a busy market in the town of Xipu to educate market-goers and stallholders about crypto's drawbacks, not to be fooled by crypto-related marketing or promises from individuals attempting to persuade them to invest in token projects.

The media outlet posted a photograph of a young female market employee speaking to an elderly lady in the marketplace.

The bank, like many other top Chinese commercial banks, has conducted similar initiatives at additional locations.

Meanwhile, the state-owned Xinhua News Agency (via CnStock) reported that law enforcement authorities in the Zhejiang Province, as well as national cybercrime investigating agencies, had randomly checked 36 IP addresses linked to 20 state-owned businesses in seven regions, finding a slew of infractions to regulations pertaining to crypto mining.

Government employees at 14 of the 20 state-owned institutions were found to have illegally mined cryptocurrencies, according to the investigation. A computer room manager named Ding at the Vocational Education Center in Shangyu District, for example, had used the facility's internet connections and three mining rigs to mine ravencoin (RVN) for "111 days" requiring the use of three mining rigs and the facility's own internet connections.

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