According to Cointelegraph, after a surge in personal identity thefts and digital financial crimes, the Chinese police are keeping a detailed track of the Web3.0 sector.

“[We have been] monitoring [the use of] Chat GPT, cloud computing, blockchain, deepfake AI and other new emerging technologies, new applications, new organizations [in these incidents]. We [the Ministry] will strike hard at such methods as we research their use,” Jinfeng Sun, political commissar of the Network Security Bureau, explained.

Sources revealed that China will impose strict exit controls on capital. It is also expected that Chinese nationals will also be prohibited from purchasing over $50,000 worth of foreign currencies each year, Cointelegraph added.

Furthermore, in spite of strict controls, however, an accusation was made against the Chinese police of stealing funds from crypto projects through enforcement measures, Cointelegraph concluded.

(With insights from Cointelegraph)

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