The growing popularity of cryptocurrencies continues to haunt China despite the nation imposing a complete ban on all cryptocurrencies. Recent data from the Chinese search engine Baidu reveals that the popularity of Web 3 is increasing in the country. To counter this growing popularity of digital assets, the Chinese government is now pushing propaganda to convince citizens about the supposed dangers of cryptocurrency and how it can destabilize the national economy. China is known for aggressively pushing propaganda, but it is shocking to see the country using misinformation to establish its point.
According to reports from Chinese media outlets, banks in the country are on a mission to raise ‘awareness’ about cryptocurrencies and digital assets. The project will involve officials from different banks of the country traveling deep into the provinces to talk to the general population. In the first campaign, officials from the Postal Savings Bank of China will travel to Fujian Province to talk to people. The campaign even has a formal name and backing from all state authorities. It is called the Prevention of Criminal Activities Using Virtual Currency for Money Laundering. While many government officials have illegally invested in crypto in the past, there have been all efforts from the government to squash the sector.
China has a history of ensuring that the crypto space gets no scope for innovation in the country. After banning cryptocurrencies in mid-2021, China has continued its series of attacks on crypto.