China’s most recent crypto crackdown may not be as watertight as first thought – with reports from the Middle Kingdom claiming that some domestic crypto-related companies are still recruiting new staff.
Per the China Securities Journal, via East Money, a number of firms in cities such as the capital Beijing, as well as Shanghai and Chengdu, are still advertising jobs that appear to be crypto-related on major platforms such as the jobs section of the search engine giant Baidu.
Some of the posts are as recent as the past weekend (July 10-11), with others from late last week – well after the start of the present crackdown. One Hong Kong-based firm was looking for a “head of digital currency exchange operations,” a screenshot showed. Another advertised for a “digital assets trader,” while another still advertised a vacancy for a crypto mining engineer. Another still was seeking a “digital items” “market trading platform” specialist.
And furthermore, some of the jobs were still offering bumper salaries – with one offering up to USD 24,700 a month for more experienced candidates.
Most of the firms appeared to be startups, although they may have some more powerful backers.
A firm named Beijing Coin World Network Technology (literal translation) was posting multiple vacancies for its bases in Beijing and Chengdu. The company was founded in 2017, and the same media outlet reported that it had received financial backing from the crypto exchange giant Huobi.
Although none of the job postings made direct mention of cryptoassets, the positions, the media outlet noted, are all “closely related to the [crypto] industry,” and that many other firms were looking to cover their bases by claiming to be “blockchain”-related companies.
The report’s author added that a number of crypto-related smartphone apps were still available for download on popular app marketplaces.
And pseudonymous crypto enthusiasts told the outlet that they were still prepared to “wait and see” what would happen once policies started to be enacted. Thus far, most of the efforts to stamp out mining have been carried out by local authorities eager to please the central government rather than the organs of the Beijing-based government itself.
One was quoted as saying:
“We still have a glimmer of hope. But if future efforts take the form of a crackdown on [crypto media and PR] and service organizations related to cryptoassets, we may be forced to take a break.”
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