China clamps down on the first state-backed blockchain firm for selling poor-quality masks
According to The Global Times, China barred the country’s first state-backed blockchain firm from exporting medical supplies to other countries affected by the coronavirus pandemic.
Tus Data Asset appeared in the crosshairs of the Ministry of Commerce for ‘tarnishing’ China’s international image for selling low-quality products.
From blockchain to mask exports
Before the COVID-19 pandemic changed the world order, Tus Data Asset had been focused on developing blockchain and data sharing solutions for the Communist Party of China.
However, at the end of March, the company shifted gears and started exporting medical gear due to growing demand.
Aibaoda is another name that has appeared on China’s blacklist. The 15-strong audio tech firm also ventured into selling medical masks to international clients after buying ready-made products from Chinese manufacturers.
“We started to export masks not long ago … we were not exporting any medical supplies other than masks,” an Aibaoda spokesman told the South China Morning Post.
There is room for competition
The fact that companies are willing to change their entire business strategies to cash in on the pandemic doesn’t come as a surprise given that a surgical mask is probably the most sought-after commodity as of now.
As reported by U.Today, dark web vendors, which typically sell drugs and weapons, now offer N95 masks and coronavirus tests at very competitive prices in exchange for crypto.