Central Bank of China Called on Population to Observe Caution in Questions of Investing in Securities on the Basis of Cryptocurrency

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On August 24, a group of representatives of the Chinese government spoke very harshly about the cryptocurrency sector. The statement was published in the bulletins with warnings regarding illegal fund-raising.

The public document is aimed at agitating the population to be more “rational” about the information about Blockchain. This is connected with the activities of “illegal persons” who are trying to increase their funds with the help of “banners for” financial innovation “and” Blockchain “, spreading” virtual currency “, digital assets”, as well as “virtual assets”.

The authors of this document involve the Banking Regulatory Commission of China, the People’s Bank of China (PBoC) and the Ministry of Public Security. The document says:

“Such activities are not really based on blockchain technology, but rather the practice of speculative blockchain concepts for illegal fundraising, pyramid schemes, and fraud.”

The document was published a couple of days after the Beijing authorities announced an increase in the measures applied to block internal access to crypto-exchange companies.

In the Great Chinese firewall will be introduced 124 platforms. Also, the Chinese government will take steps to ban other actions that may lead to the approval of the cryptocurrency:

“The funds for these illegal activities are mostly overseas, and supervision and tracking are very difficult.”

Even in spite of such an accentuation of its attention to illegal activities, PBoC still continues to maintain a negative attitude towards crypto-exchange companies, ICO. All due to bans on the various components of this industry that came into effect last year.

This post is also available in: ruРусский

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