The people’s Bank of China, supported by the government published on its website an official statement in which it strongly recommends to refrain from bitcoin and other cryptocurrencies trade and ICO.
“In recent years, cryptocurrencies have been used in speculative transactions, which prices were soaring. The risks accumulate, disrupting economic, financial and social spheres.
Funding with ICO is in doubt, in fact this is an illegal tool to raise funds. CryptoStream suspected of illegal sale of tokens, the issuance of securities, criminal activities, financial fraud and schemes of pyramid Ponzi.”
China has maintained a tough stance on kriptonyte. Over a year ago, PBoC (people’s Bank of China) has forbidden any activity of the ICO projects in China.
Despite an official ban, Chinese traders continue to use an offshore cryptocurrency exchange. In this regard, Chinese regulators have tried to block access to 124 the platforms used by users to exchange funds.
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