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People’s Bank of China reminds to: “Stay away from ICOs”

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Government Backed Chinese Bank issued an official notice on their website urging to stay away from cryptocurrency trading and ICOs.

“In recent years speculations related to cryptocurrency has prevailed, prices have skyrocketed. Risks have accumulated rapidly, seriously disrupting economic, financial and social order.

The main body of ICO financing is mixed, which is essentially an unauthorized illegal public financing. Crypto is suspected of illegally token sales, issuing securities, criminal activities, financial fraud, pyramid schemes and so on. “

China remains in a strongly strict position with cryptomarket. Over a year ago PBoC (People’s Bank of China) banned all the ICO activities in China.

Despite the official ban, Chinese domestic traders continue to use crypto offshore exchanges. It’s been previously reported about the possibility that Chinese internet authorities are aiming to block the access to more than 124 platforms netizens use to exchange money at and straighten the observation of the future market activities.

Ashton Felix is currently a contributing writer for multiple crypto news sites. He got his big break when he mined his first bitcoin back in 2012. He enjoys learning about new technology and travels throughout Asia in his spare time. Ashton immediately fell in love with the culture and people of China. He is currently based out of Shenzhen and is fluent in Mandarin.

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