China Judgements Online, a website maintains the information of Chinese court papers, reveals that cryptocurrencies lawsuits double in 2018.
It also states that despite Chinese crypto regulations the crypto cases have increased in the last year. From the database shows that minimum of 202 cryptocurrency scams has entered in the market through the 3000+ different platforms.
The website China Judgements Online reveals that most of the lawsuits are related to cryptocurrency. These 3000+ various platforms have promoted the scams over the pyramid structure schemes. The platforms are promoting their coin or product and showing to the investors they will earn high returns in a short time.
China Judgements Online also mentions that half of 406 cases have filled with cryptocurrency related scams. The data spotlights the increasing number of crypto-related cases from 2014. During the year 2017 virtual currency boom is very high and so many scams have taken money from the common investors even though China’s crypto related regulatory efforts.
China warns the public regarding crypto investments
The Chinese government has warned public related to crypto related investments. They also stated the crypto market is very much risky and lose of hard earn money. It also emphasizes that the unbalanced crypto market leads to risk in the household economy.
Li Lihui, head of the National Internet Finance Association, recently has given a lecture in Tsinghua University stated as follows.
“On the platform of the virtual currency exchange, the market value of stable currency is hundreds of millions of dollars, more than one billion US dollars. But some stable currency accounts are not transparent enough, and there is no authoritative supervision, there is a risk of trust.”
Are crypto lawsuits in China increasing in 2019? Comment your opinions in the comment section.
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