The people’s Bank of China (PBoC) intends to end the practice of free distribution of the crypto token or the so-called airdrops. This is stated in the published on last Friday, the financial stability report PBoC, writes CoinDesk.
According to the document, despite the ban on the initial proposals of the coin (ICO), they continue to thrive in the form of veiled Andropov.
To bypass the ban on ICO cryptocurrency firms, for example, move abroad and attract agents to invest on behalf of Chinese citizens. Other projects refuse to sell tokens, thus avoiding the direct solicitation of funds, but instead give them away for free. After that, the organizers Andropov with for profit trying to raise the price of tokens on the secondary market.
In the report, PBoC reported that up to 18 July 2017, China has organized 65 ICO. The placement of tokens was attended by more than 105,000 people, and the investment volume has exceeded 2.6 billion yuan ($377 million). However, about 20% of this amount was drawn with the help of foreign investors.
Representatives of the PBoC also stressed that the regulator cooperates with other state agencies to monitor the cryptocurrency industry and the protection of investors.
We will remind, the ban on the holding of the ICO in China was introduced in September 2017. Later, the Vice Manager of PBoC pan Gongsheng said that this measure, as well as the closure of cryptocurrency exchanges beneficial impact on the economy. He also called a “frightening” prospect of the industry development of cryptocurrency without interference from Chinese regulators.