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China’s Central Bank Warn Against ICO and Crypto Risks
The Shanghai branch of the People’s Bank of China (PBoC), which is China’s central bank, issued a new notice with the title of Constant Protection against ICO and Virtual Currencies’ Risks with Firm implementation. The notice claimed that, according to monitoring, PBoC found there were two new developments about Initial Coin Offerings (ICOs) and cryptocurrencies’ transaction at home and abroad. One is overseas market exploration of cryptocurrency trading platfroms, i.e. some of originally China-based platform migrated to overseas markets by overseas registry to continue their trading service to Chinese users. Another is the spring-up of new types of ICO varieties such IFO, IEO, all of which essentially conduct cryptocurrencies’ speculation under the mask of the Sharing Economy. The Shanghai branch of PBoC hereby urges consumers and investors raise their awareness of risk control, not blindly follow suit. If they find any ICO variety or any group or individual who still offer Chinese users ICO and cryptocurrencies’ trading service by overseas servers, please report to the relevant regulators, or report to the police if there is any suspicion of illegal or criminal activities.