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ILLEGAL CHEWING GUM MANUFACTURER FOUND IN CENTRAL PROVINCE ILLEGAL CHEWING GUM MANUFACTURER FOUND IN CENTRAL PROVINCE
A registered concrete company who secretly manufacture chewing gums in its premises would be under investigation after members of the Immigration spot check team found their illegal factory over the weekend. Chief Migration Officer Mr. Stanis Hulahau says the company is disrespectful of PNG Laws and established processes and procedures to register a company and to meet the taxation requirements. The Immigration led Spot Check operation targeting logging, retail and foreign companies along Hiritano Highway in Central province has made this discovery near Laloki outside Port Moresby. The Chinese company (name withheld), registered in PNG in December 2017 is specialized in concrete and aggregate products. However, it was discovered that the company secretly manufactures chewing gum in its premises under the disguise of engaging in gravel and concrete products. IPA records confirmed that the chewing gum manufacturer (name witheld) is not a registered company and is illegally producing chewing gums and engaging in possible tax evasion and production without certification of health and safety standards. Upon inspection, the Chinese owners were too protective over this but local workers and residents of Laloki confirmed the company produces these chewing gums in its premises and secretly sell to business houses in the city using its chain of networks. Mr. Hulahau says such illegal operations are secretly practiced in closed and restricted premises and urges government authorities to step up efforts to prevent such illegal operations. “I am disappointed that this particular manufacturer is not a registered company and is illegally producing chewing gums in mint and strawberry flavour and is making profit without paying any taxes to the government,” Mr Hulahau says. “If Immigration and police officers were not there, this illegal company would secretly operate and make profit without the knowledge of relevant government authorities.” “Our intelligence confirms there are many similar operations in metropolitan areas registered as specialized in one activity but operating underworld in illegal productions for cigarettes, alcohol, cooking oil, chewing gums etc. with the idea of evading tax. Such activities are threats to the national security, the economy and the health of our people,” Mr Hulahau added. The Immigration officers identified two Chinese nationals working with the company concern who have discrepancies in their visas and penalised them with a fine of K5,000 each. The Spot Check operations over the weekend collected a total of K100,000.00 as spot fines and penalties from Logging, retail and concrete companies along Hiritano highway. The Chief Migration Officer says he will initiate investigations with other State Agencies into the operations of this foreign manufacturing company.
Published on September 27, 2021
PORO COCOA COOPERATIVE JOINS NASFUND PORO COCOA COOPERATIVE JOINS NASFUND
Over 160 cocoa farmers in Madang’s Raicoast now have access to superannuation services, after registering as National Superannuation Fund (Nasfund) contributors. Through Nasund’s Eda Supa product, members of Poro Cocoa Cooperative Society of Astrolabe Bay Local Level Government (LLG) formally joined the Fund, with the first group of farmers receiving their membership cards. The registration of these farmers was made possible through the Fund’s partnership with Madang Cocoa Company Limited (MCCL) and Madang Cocoa Cooperative Association (MCCA). Nasfund Special Projects Executive Judah Waffi led a team from the Fund’s Madang branch to Bang village, to present the farmers with their membership cards, and also register the remaining members of Poro Cocoa Cooperative. When addressing the occasion, Mr Waffi explained the importance of saving through superannuation, and the benefits of saving with the country’s leading superannuation provider, Nasfund. “The addition of Poro Cocoa Cooperative to the Nasfund membership is a milestone for the people of Madang in that Poro Cocoa Cooperative is the first in Madang Province to register as members of Nasfund. You now join more than 600,000 members from across all industries who contribute to the Fund. As an active contributing Nasfund member, you can also benefit from services including the Nasfund Membership Discount Program (MDP) which allows you to earn discounts from approved MDP providers. This is part of our efforts in ensuring that farmers and SME operators, including our cocoa growers across Madang Province have the opportunity to save for retirement, through superannuation, with Nasfund.” Chairman of Bang Cocoa Cooperative Society, Solomon Dumuk acknowledged the need for his farmers to develop a savings culture – one that is now being nurtured in partnership with Nasfund. “Previously, when our farmers sold their cocoa, almost all the money received was spent in town, with nothing saved for use later. It was only through our umbrella association Madang Cocoa Cooperative Association and our cooperative owned company  Madang Cocoa Company Limited (MCCL), that we were made aware of the opportunities to save through Nasfund’s Eda Supa product. With support from MCCL, we were able to register the first 56 farmers, who today have received their membership Cards. The remaining 160 farmers will be registered in the coming weeks. We thank Nasfund for seeing the need to assist farmers from Poro Cocoa Cooperative save for retirement through Eda Supa. Our farmers are now ready for tomorrow.”
Published on September 27, 2021
FUEL SUPPLY: UK SUSPENDS COMPETITION LAW TO GET PETROL TO FORECOURTS FUEL SUPPLY: UK SUSPENDS COMPETITION LAW TO GET PETROL TO FORECOURTS
The government is to suspend competition law to allow oil firms to target fuel deliveries at petrol stations following recent panic buying. Officials said the move would make it easier for companies to share information and prioritise parts of the country most at need. It follows days of long queues at the pumps, after fears of disruption to the fuel supply sparked panic buying. Ministers are also considering deploying the Army to deliver fuel. The option is under discussion, and could be examined at a possible cabinet meeting on Monday. The Petrol Retailers Association has warned that as many as two-thirds of its membership of nearly 5,500 independent outlets are out of fuel, with the rest of them "partly dry and running out soon". Announcing the measure to exempt the oil industry from the Competition Act 1998, Business Secretary Kwasi Kwarteng said the government had "long-standing" contingency plans to maintain fuel supplies. "While there has always been and continues to be plenty of fuel at refineries and terminals, we are aware that there have been some issues with supply chains. "This is why we will enact the Downstream Oil Protocol to ensure industry can share vital information and work together more effectively to ensure disruption is minimised. "We thank HGV drivers and all forecourt staff for their tireless work during this period." The government also relaxed competition law in March 2020, to help supermarkets work together to maintain food supplies. SOURCE: BBC NEWS
Published on September 27, 2021
KOPKOP COLLEGE CELEBRATES PNG HISTORY KOPKOP COLLEGE CELEBRATES PNG HISTORY
Kopkop College campuses in Port Moresby and Kavieng both celebrated the country’s 46th independence last week through its school annual cultural day, to showcase the journey taken since 1975. The cultural shows which took place on September 14th in Kavieng and September 15th in Port Moresby, saw a variety of performances amongst some of the students who came dressed in their colorful cultural costumes made up of head dresses, grass skirts, face painting, shell necklaces and kundu drums. The 2021 Kopkop College Cultural show is themed, “Commemorating PNG’s History amidst C-19.” Speaking at the Port Moresby Kopkop College Hall packed with parents, students and families, NCDC Legal Officer, Patricia Solon said the display of PNG’s unique culture brings great pride and respect. “Today’s display of our culture in this great institution reflects the fact that PNG’s rich culture remains strong to date,” Ms. Solon said on behalf of the NCD City Manager, Mr. Benard Kipit. “I want to urge all of us to maintain the pride in our culture and seize any opportunity to display its richness and diversity.” Ms. Solon said being part of the global community, the country faces a challenge of maintaining its cultural identity, and hence made a call for culture preservation. “I make the call today for the preservation of our culture in every way possible and such cultural events as today in particular involving all of you should encourage us to review our culture and tradition. “Let us not forget that we have learnt the virtues of respect, patience, commitment and courage through our culture and these virtues should change our lifestyle towards life in general.” Ms. Solon added that it is encouraging to find a committed group of teachers who are willing to support and teach students despite the challenges brought on by Covid. She also encouraged Kopkop College students to grasp any opportunity they have today to learn and in return give back to their families and communities. “Each of you have something to contribute to this nation, even if the future doesn’t look clear now as to where you are going and you are sometimes confused. Your opportunity is today.” “You can decide, you have the options of saying this is what I’m going to be when I grow up, I’m going to be a lawyer, a doctor, I’m going to be helping the communities in this way.” “In other words, this nation depends on you and your ability to bring it to the next level to create a good city, a good home and a good environment. “Thank you Kopkop college, we appreciate the effort that’s taken to educate our children because we need a knowledgeable city, a city that knows how to read and write, a city that can thrive through the establishment of education.”
Published on September 27, 2021
PJV ASSISTS EPHA WITH COVID-19 TEST KITS PJV ASSISTS EPHA WITH COVID-19 TEST KITS
While it remains closed and under Care and Maintenance, the Porgera mine continues to show its commitment toward its long-standing partnerships in health support for both the district and provincial health services. With COVID-19, being the current biggest health threat, PJV on Wednesday 22 September, donated 2000 COVID-19 test kits to the Enga Provincial Health Authority (EPHA) to assist in its COVID-19 virus detection efforts. This week the National Pandemic Controller announced Enga as one of three provinces being closely monitored with increased COVID-19 virus detection rates. The 1000 antigen and 1000 antibody rapid diagnostic kits were received on behalf of the EPHA by Porgera Urban Clinic Disease Control Manager Masi Mangan at the Porgera mine site. PJV’s Chief Medical Officer Dr Isaac Asa in handing over the donation said PJV has always taken a partnership approach toward supporting the health efforts of the district and province and as a member of the community is providing the support to help detect COVID-19 virus in the province. “Porgera is only hours away from Wabag and the COVID-19 threat is just as real here as it is in Wabag right now. We have a social responsibility to our communities and we will support where and when it is possible,” Dr Asa said. Ms Mangan expressed appreciation to PJV on behalf of the EPHA and district health services. She said PJV’s previous support of COVID-19 test kits to the district has enabled them to do COVID-19 testing although a lot of awareness is still required around vaccination. “Porgera health services has always felt privileged because of the support PJV has provided us over the past years and continues to do so. “Obviously at this time, Governments need resources in the COVID-19 fight and we are thankful to PJV for the support to our provincial health authority with the COVID-19 test kits,” Ms Mangan said. She added there is a need for more COVID-19 awareness work stating that vaccination numbers remained low in the district. In May this year, PJV also donated 1000 rapid antigen test kits, medical accessories and personal protective equipment (PPE) to the Paiam District Hospital.
Published on September 27, 2021
USP COMMENCES WITH CERTIFICATE 4 IN DISASTER RISK MANAGEMENT PROGRAMME USP COMMENCES WITH CERTIFICATE 4 IN DISASTER RISK MANAGEMENT PROGRAMME
The University of the South Pacific’s (USP) Pacific Technical and Further Education (Pacific TAFE) successfully launched the Certificate 4 in Disaster Risk Management (DRM) programme in partnership with The Pacific Community (SPC) virtually earlier this month. Head of College for College of Continuing Vocational Education and Training (CVET) at Pacific TAFE, Nilesh Kumar thanked the SPC Team, Programme Manager for Pacific Resilience Programme, George Beck; Curriculum and DRM specialist, Joy Pederson; and DRM trainer USP Anthony Blake for their commitment in providing the qualification for the Pacific people to prepare them to better respond to disasters more effectively in future. Mr Kumar said USP is proud to empower the Pacific people through these qualifications and make a difference in their lives. He congratulated the 31 participants registered for the DRM Programme, adding that it was encouraging to see a majority of women in the cohort. USP Pacific TAFE is a leading training provider of high-quality skills-based qualifications, foundation and preliminary studies in the Pacific. These include qualifications in Project Management, Fisheries- aquaculture compliance, Fisheries monitoring and enforcement, resilience, cyber security, procurement and supply, among others. Mr Beck said they had come a long way in developing the course, and it was pleasing to see this course now being delivered by USP. He added that “in developing the course, we have had to consult widely with representatives from the industry, including other partners working in the emergency management area and other projects developing similar courses in the resilience area. And, of course, the national management offices in the Pacific Island countries”. Mr Beck explained that because this cohort was the first trial, participant feedback is critical to gradually enhancing the programme. He thanked Mr Kumar and his team for working together to deliver this course. “We are indeed grateful that USP has agreed to accredit and provide the course. We look forward to working with USP to extend the course to other Pacific Island Countries in the first Semester 2022 through the World Bank Funded Pacific Resilience Project,” Mr Beck said.
Published on September 27, 2021
NCSL REPORTS INCREASE IN TERMINALS NCSL REPORTS INCREASE IN TERMINALS
ncsl has reported an increase in its fleet of EFTPOS terminals installed throughout the country and now has over 300 terminals nationwide. Pagini Clothing Ltd and CPL Group of companies remain the Society’s top merchants having terminals at most of its outlets, followed by Nonko Ltd, Papindo and SVS. Early this month ncsl installed 10 new terminals at two second hand shops owned by Pagini Clothing Ltd and another 10 at Nonko Ltd, Pagini Clothing Limited’s sister company in Lae. To date, Pagini has 18 ncsl terminals in all its 8 shops in Port Moresby, 20 in Lae with more installations to be done in all other regions. Pagini Clothing Ltd Managing Director, Chris Kopyoto said using the terminals reduced the need to hold cash at its premise which reduced the risk of theft. “Holding onto cash attracts unnecessary attention, therefore we have to take advantage of this technology,” he said. Being the biggest second hand clothes network in the country operating 32 shops in 10 different towns and cities, Kopyoto said their plan now is to have ncsl terminals installed at their shops in Kainantu, Goroko, Banz, Wabag, Mt. Hagen, Madang, Kimbe and Kavieng which is expected to be opened soon. ncsl Manager eBanking Ms. Vavine Iamo said the number of merchants and terminals have increased as more businesses including small tucker box and canteens are now showing interest. “We hope to install more to cater for the growing demand for this service and I am happy to say SME businesses are also requesting to have our terminals to make payment easier and safer for both the business and the customer,” Ms. Iamo further added. She said any interested merchant can contact the eBanking team to have terminals installed in their shops subject to ebanking terms and conditions.
Published on September 26, 2021
EU PLANS TO MAKE COMMON CHARGER MANDATORY FOR APPLE IPHONES AND OTHER DEVICES EU PLANS TO MAKE COMMON CHARGER MANDATORY FOR APPLE IPHONES AND OTHER DEVICES
The European Commission, the executive arm of the European Union, on Thursday put forward a new law that would force smartphone manufacturers and other electronics makers to equip their devices with a standard USB-C charging port. The proposed legislation is designed to cut waste and make life easier for consumers who would theoretically be able to use one charger for multiple devices. It could have a huge impact on Apple, as the company still uses its own Lightning connector to charge iPhones. The company has recently equipped some iPads and MacBooks with USB-C ports. A spokesperson for Apple said in response that the firm stands for “innovation and deeply cares about the customer experience.” “We share the European Commission’s commitment to protecting the environment and are already carbon neutral for all of our corporate emissions worldwide,” they said. “We remain concerned that strict regulation mandating just one type of connector stifles innovation rather than encouraging it, which in turn will harm consumers in Europe and around the world. We look forward to continued engagement with stakeholders to help find a solution that protects consumer interest, as well as the industry’s ability to innovate and bring exciting new technology to users.” Rivals like Samsung and Huawei have equipped some of their latest phones with USB-C ports, while many of their older handsets have micro-USB ports. Under the legislation, USB-C would also become the standard port for all smartphones, tablets, cameras, headphones, portable speakers and handheld video game consoles. The commission said it also wants tech firms to stop bundling chargers with their devices. European Commission Executive Vice President Margrethe Vestager said in a statement: “European consumers were frustrated long enough about incompatible chargers piling up in their drawers.” She added: “We gave industry plenty of time to come up with their own solutions, now time is ripe for legislative action for a common charger. This is an important win for our consumers and environment and in line with our green and digital ambitions.” EU Commissioner Thierry Breton noted that, “with more and more devices, more and more chargers are sold that are not interchangeable or not necessary. We are putting an end to that.” The proposal is part of a revised Radio Equipment Directive that will need to pass a vote in the European Parliament before it becomes law. If the proposal does become law, device makers will have two years to comply with the new legislation. In 2020, the European Parliament voted in favor of new rules on a common charger, suggesting the latest proposal may have broad support. SOURCE: CNBC
Published on September 26, 2021
TONY URA EXCITED TO BE OPENING BATSMEN AT CRICKET WORLD CUP TONY URA EXCITED TO BE OPENING BATSMEN AT CRICKET WORLD CUP
He has played professional cricket for eleven years and counting, and is nowhere close to giving up. Meet soft-spoken and determined batter, from Hula in the Central Province, and Madang Province. The Raukele Cricket Club was where he first joined a cricket team (Under 15), back in 2005. From that local club to now being part of the Kumul Petroleum PNG Barramundis participating in the World Cup is such a surreal moment for him. He says, ‘Em fes taim blong mipla long go long Wel Kap na mipla saikap long feisim ol “big dogs”.’ [This is our debut in the World Cup and so we’re ecstatic to be facing some of cricket’s “big dogs”.] Tony has travelled to other countries like Australia, United Arab Emirates, Zimbabwe, Namibia, England and South Africa. Out of all these places, he’d love to visit England again because he says it is just a beautiful place. But home is always at heart. He says when he’s back home, he visits the cricket club where he initially joined cricket. It’s part of his personal growth, giving back to the community ‘Mi save go bek na halivim ol long fitness. Planti blong ol em ol liklik pikinini olsem 10 to 15 year olds.’ [I help the club with fitness training. Most of them are kids who are 10 to 15 year olds.] If Tony isn’t at the cricket club, or on the field he’s probably fishing or gardening. He says he loves his local food and music. His playlist has loads of songs from popular group Viginuts and other local songs from his wantoks from Hula. As the World Cup nears, he is already training hard. His cricket inspirations come from former South African cricketer Kevin Pietersen and former Ausralian cricketer, Andrew Symonds. He looks up to these players for their exceptional play in short ball, driving, fielding and hitting every ball. He only encourages his brothers and teammates to continue to work together as a team. ‘Mipla save tok: stay together, go together, work as a team. All the Barras boys are family, so we must move together.’ [We have a saying: stay together, go together, work as a team
]
Published on September 26, 2021
RADIATION ONCOLOGY TEAM LEARNING A GREAT DEAL AT UNIVERSITY OF COLOMBO RADIATION ONCOLOGY TEAM LEARNING A GREAT DEAL AT UNIVERSITY OF COLOMBO
The five students sponsored by Port Moresby General Hospital to study at the University of Colombo, Sri Lanka are progressing well in their training. Medical Physicist student Luwis Gabriel who is doing his second year undertaking a Master's degree in Medical Physics has completed his coursework and is now into the second component of his program focusing on research and is expected to complete his studies by the end of this year. In an arrangement between the university and the Sri Lankan Health Ministry, Mr. Gabriel has had the opportunity to do a one-year clinical internship with the Sri Lankan National Cancer Research Institute Margahma. The institute has of 3 cobalt and 5 Linear Accelerator (LINAC) machines, 1 HDR Brachytherapy, CT Simulator, Iodine Therapy and a fully equipped Diagnostic & Nuclear Medicine Department. As part of his training, Mr. Gabriel has done three commissioning of the Elekata machines and different types of radiotherapy planning for cancer patients and quality assurance for radiotherapy machines. In August this year, PMGH sponsored another four students to the same institute which included three radiation therapists Firman Dunstan, Richie Pumi and Tonny Sula and medical physicist Sanja Ipu. Since enrolment, they have begun their clinical lectures before progressing to a more advanced training. Radiotherapy is a real time treatment and dealing with sophisticated machines is very complex process hence the trainees will need to gain an advanced theoretically based knowledge before they can progress to the practical work. Of the three radiation therapists, two are expected to be sent to a private hospital Asiri Cancer Centre, while another will go the National Cancer Research Institute by 21 October, 2021 for further training. They will learn and be exposed to the latest Linear Accelerator, a medical device most commonly used for external beam radiation treatments for patients with cancer, which have image guided components. After completing the advanced clinical training for ten months, they will be PNG's first radiation therapists to be exposed with Linear Accelerators with advanced Radiotherapy Treatment skills.
Published on September 26, 2021
DANIEL CRAIG GRATEFUL FOR CHANCE TO CAP OFF 15-YEAR RUN PLAYING JAMES BOND DANIEL CRAIG GRATEFUL FOR CHANCE TO CAP OFF 15-YEAR RUN PLAYING JAMES BOND
Daniel Craig thought he had wrapped up his tenure as James Bond with Spectre, but the actor says his final fifth outing as the British secret agent in No Time To Die allowed him to complete his 007 journey. Nearly 60 years after the first Bond film Dr No premiered, cinema's favourite spy, known for his love of fast cars and cool gadgets, returns in the highly anticipated 25th Bond movie next week after an 18-month delay due to the Covid-19 pandemic. Costing an estimated $US200 million ($NZ285m) to produce, No Time To Die sees Bond come out of retirement from an idyllic life in Jamaica to help track down a new villain armed with lethal technology. "I didn't think that I was going to do another movie after Spectre. I genuinely thought that I was going to ... just pack it in," Craig told Reuters. "But I'm so happy that I got the chance to come and do this one. And we tied up lots of loose ends. We've tried to tell one story with all my Bond movies. It's like they're all connected in some way and this one just sort of capped it off." Running at nearly three hours long, the film, directed by Cary Joji Fukunaga, promises the usual Bond action, car chases and stunts in picturesque locations, including the cave dwellings of the southern Italian city of Matera. It introduces new character Nomi, played by Black actress Lashana Lynch and described simply as a 00 agent at Bond's past employer, Britain's MI6 foreign spy service. She looks just as fierce and skilled as Bond. "She's also a real human being. She's grounded and she's from a good background and takes every opportunity she gets and really runs with it. She's really shifted things up at MI6 and will continue to do so," Lynch said. "It's groundbreaking for Black women, for my culture, for the franchise as well that has been pushing the needle forward for a long time now." [caption id="attachment_15278" align="aligncenter" width="939"] Cast members, from left: Léa Seydoux, Ana de Armas, Daniel Craig, Naomie Harris and Lashana Lynch at an event in Montego Bay, Jamaica, in April 2019. Photo: Getty Images[/caption] French actress Lea Seydoux reprises her role as Madeleine Swann from 2015's Spectre. "Cary wanted to explore a bit more Madeleine's character ... In a way, she's the heartbeat of the film and the relationship with Bond is much more developed," Seydoux said. Rami Malek joins the franchise, one of Hollywood's most valuable, as villain Safin. "I looked at every villain in the history of film almost to prepare for this," he told the movie's official podcast. After being postponed three times since its original April 2020 slot, No Time To Die holds its world premiere on Tuesday in London. "I enjoyed them all ... They're always a bit of a struggle but anything worthwhile is always a bit of a struggle so this was a joy to make," said Craig, who began his Bond journey in 2006's Casino Royale. "(I'm) massively grateful to have been given the chance to do it and ... all of the memories and all the amazing times ... working with just fantastic, amazing people ... it's changed my life ... It's just amazing." SOURCE: RNZ NEWS
Published on September 26, 2021
CHINA AND HONG KONG-BASED BITCOIN HOLDERS SCRAMBLING TO PROTECT THEIR CRYPTO ASSETS CHINA AND HONG KONG-BASED BITCOIN HOLDERS SCRAMBLING TO PROTECT THEIR CRYPTO ASSETS
Some crypto holders in China and Hong Kong are scrambling to find a way to safeguard their bitcoin and other tokens after China’s central bank published a new document Friday spelling out tougher measures in its wider crypto crackdown, including souped-up systems to monitor crypto-related transactions. Bitcoin was down as much as 6% and ether sunk as much as 10%, amid a wider sell-off early Friday, as investors digested the news. “Since the announcement less than two hours ago, I have already received over a dozen messages – email, phone and encrypted app – from Chinese crypto holders looking for solutions on how to access and protect their crypto holdings in foreign exchanges and cold wallets,” David Lesperance, a Toronto-based attorney who specializes in relocating wealthy crypto holders to other countries to save on taxes, told CNBC early Friday. Lesperance said the move is an attempt to freeze crypto assets so that holders can’t legally do anything with them. “Along with not being able to do anything with an extremely volatile asset, my suspicion is that like with Roosevelt and gold, the Chinese government will ‘offer’ them in the future to convert it to e-yuan at a fixed market price,” he said of President Franklin Roosevelt’s policy around the private ownership of gold, which was later repealed. “I have been predicting this for a while as part of the Chinese government’s moves to close out all potential competition to the incoming digital yuan,” said Lesperance. The People’s Bank of China said on its website Friday that all cryptocurrency-related transactions in China are illegal, including services provided by offshore exchanges. Services offering trades, order matching, token issuance and derivatives for virtual currencies are all strictly prohibited, according to the PBOC. The directive will take aim at over-the-counter platforms like OKEx, which allows users in China to exchange fiat currencies for crypto tokens. An OKEx spokesperson told CNBC the company is looking into the news and will let CNBC know once it has decided on the next steps. Lesperance claims some of his clients are also worried about their safety. “They are concerned about themselves personally, as they suspect that the Chinese government is well aware of their prior crypto activities, and they do not want to become the next Jack Ma, like ‘common prosperity’ target,” said Lesperance, who has helped clients to expatriate in order to avoid taxes, amid a rising crypto crackdown in the U.S. That said, it’s common for the authoritarian state to lash out against digital currencies. In 2013, the country ordered third-party payment providers to stop using bitcoin. Chinese authorities put a stop to token sales in 2017 and pledged to continue to target crypto exchanges in 2019. And earlier this year, China’s takedown of its crypto mining industry led to half the global bitcoin network going dark for a few months. “Today’s notice isn’t exactly new, and it isn’t a change in policy,” said Boaz Sobrado, a London-based fintech data analyst. But this time, the crypto announcement involves 10 agencies, including key departments such as the Supreme People’s Court, the Supreme People’s Procuratorate, and the Ministry of Public Security, in a show of greater unity among the country’s top brass. The State Administration of Foreign Exchange also participated, which could be a sign that enforcement in this space might increase. SOURCE: CNBC
Published on September 25, 2021