China has introduced tougher measures against financial scams, from cryptocurrency swindles to fictitious fundraising that capitalizes on the upcoming 100-years anniversary of the ruling Communist Party. The new anti-fraud rules will come into effect on May 1st, Reuters said. China has closed around 6,000 peer-to-peer (P2P) platforms in recent years. These actions were part of the anti-fraud campaign aimed at combating financial scams. In 2020, China’s authorities uncovered 7,500 financial swindles, up by 27% from 2019. Under the new rules, investment scams should be detected at an early stage. The government expects that it will help stabilize the work of the bureaucratic apparatus. "Previously, you asked victims to go to court. Now, victims can bring officials to court for negligence of duty," the official, who declined to be identified, said. In Shanghai alone, more than 20 platforms were crowd-funding for alleged films and TV programs dedicated to the 100th anniversary of the Communist Party. However, the event cannot be held without government consent. As a result, the projects of such crowd-funding platforms as Multi Accumulate and Zhongyan Group were banned by Shanghai’s government. Banks now cooperate with local authorities to identify illegal investments in cryptocurrencies. As BTC rises in value, there has been a boom in Filecoin trading in some cities. Investors are now looking for alternative cryptos that could bring them profits. Several banks have discovered fraudulent schemes using e-CNY, China’s digital national currency, which is also prohibited by the law. According to the new anti-fraud rules, officials unable to recognize possible fraudulent activities in time will be punished.