Family members of employees have been notified of the detentions at Trust Reserve, and the project office in Shanghai is closed. The doors are stamped with a law enforcement seal with the notice “Judicial arrest, vandalism will be prosecuted.”
Trust Reserve, formerly known as the CNHC Group, launched the CNHC yuan-pegged stablecoin in 2021, and later the Hong Kong dollar-pegged HKDC token. At the same time, both stablecoins were available only on one centralized exchange, TruBit Pro. The company’s management planned to significantly increase the availability of stablecoins on other centralized sites. This, according to local media, attracted the attention of the Chinese authorities, because cryptocurrencies are prohibited in the Celestial Empire.
Now the Chinese authorities are actively introducing their own state digital currency. In May, a pilot project began to pay salaries to civil servants in digital yuan.
Source: Bits
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