The Huobi cryptocurrency exchange unit in Beijing set up a committee to cooperate with the Chinese Communist Party. Thanks to a new initiative, Huobi plans to receive support from the country's ruling party in the region, CoinDesk reported.
In a blog, Huobi representatives said that the principles and policies of the Chinese Communist Party should be implemented in the work of private organizations. Huobi founder Li Lin noted that the creation of a committee is an important milestone in the company's history.
According to the demand of the Chinese Communist Party, state-owned companies with at least three employees are required to create such committees. However, according to local media, in recent years, this practice has become popular among private firms.
Note, cryptocurrency trading in China is prohibited. Therefore, in the country, the Huobi team has opened a consulting and research unit and does not exchange digital assets.
Despite the restrictions imposed on the cryptoindustry, the Chinese authorities are actively promoting blockchain development in the country. In August, the Chinese Communist Party published an educational book about distributed registry technology for government officials.