The government has recently reiterated its negative stance towards (ICOs) and at a news conference in Beijing, claiming that financial authorities will continue to monitor private lenders’ interest rates, securities companies, and futures firms to combat illegal fundraising, April 23.
In a joint statement provided by several regulators, the (PBoC) stated that it will continue to fight risks from internet financing and highlighted that ICO projects and trading platforms have been closed to the benefit of public safety.
According to the joint statement, the have managed to partly reduce illegal fundraising in China, however, “the situation remains severe.” According to China’s supreme court, illegal fundraising imposes immense harm to the national market and financial .
By focusing on combating illegal fundraising, Chinese regulators seek to protect the public from falling victim to , stressing the that some people have lost their life savings. The Chinese government and as an illegal fundraising method, and towards the market this year.
On April 11, Chinese online shopping website Taobao, a subsidiary of retail giant , stores on the platform from providing services related to ICOs, citing risks of illegal fundraising and easy speculation.
In the Chinese special administrative region of , the Monetary Authority the public about the possibility of “fraud and criminal activities” in cryptocurrencies. The warning followed revelations that Macua Dragon Group employed to promote Dragon Coin, a new virtual currency for gamblers to transfer money to Macau .
Published at Mon, 23 Apr 2018 21:28:16 +0000
bitcoin Regulation
