Home News ICO China’s PBoC: Strongly Cracks Down on Emerging Disguised ICOs, Says China Financial...

China’s PBoC: Strongly Cracks Down on Emerging Disguised ICOs, Says China Financial Stability Report

November 02, 2018 17:13
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This news was sent to us by Sanyan Blockchain. Crypto-News India and Sanyan Blockchain are media partners.

Today, People’s Bank of China (PBoC) issued China Financial Stability Report involving in crypto assets.

According to this report, progress have been made in cleanup and rectification in the field of crypto assets, effectively preventing and defusing related risks. However, there still are illegal trades such as overseas operation, and scams are made by proxy investment or other ways as a result of various types of illegal financial activities with rapid transfer.

Besides, the report says that the ICO continues to occur. For example, coins are gifted free of charge by issuers, who will leave some coins to hype the price of coins for earning benefits. Therefore, the cleaning up and rectification need to be strengthened, and prevention and resolution of related risks need to be prepared.

As for scams on crypto assets, the measures are shown as follows:

  • Firstly, adopting various ways to severely crack down on illegal activities violations of laws and regulations with a high-pressure situation, to guide funds back to the real economy;
  • Secondly, strengthening domestic supervision and coordination to give play to the joint efforts of the departments;
  • Thirdly, keeping on protection and publicity education on investors, adopting a variety of forms to clearly reveal risks, and emphasizing risk at your own risk;

Finally, actively promoting international cooperation and regulatory coordination and forming joint force of supervision to address regulatory challenges.

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