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PBoC of China: Continues Preventing Risks Caused by ICO and Virtual Currency Trading

September 18, 2018 16:45
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This news has been sent to us by Sanyan Blockchain. Crypto-News India and Sanyan Blockchain are media partners.

China has been committed to strongly cracking down on ICO and virtual currency trading while embracing the blockchain technology.


Today, Shanghai Head Office, The People’s Bank of China (PBoC) issued a notice, stating that prevention of risks as a result of ICO and virtual currency transactions.

According to this notice, the national leading group of the rectification for internet financial risks deployed and took measures in time to cope with illegal financial activities such as ICO and virtual currency trading. Specifically, strengthening the monitoring on 124 servers of virtual currency trading platforms established out of China, which offer transaction services to domestic residents; closely monitoring ICO and various variant patterns. As for payment channels, 3000 accounts on virtual currency trading have been shut down at present.

Besides, this leading group managed websites, official accounts and we-media recently found in relation to ICO and virtual currency trading, and it permanently shut down official accounts involving in hyped information of ICO and virtual currency trading.

Prior to it, with the purpose of bans on illegal activities, a notice was issued by a Leading Group of Financial and Social Risk Prevention of Chaoyang District, Beijng, China on August 22th to comprehensively crack down these activities, saying that venues such as shopping malls, hotels, office buildings were forbidden to host relevant activities in any forms.

Speaking of related hyped information, Wechat Platforms of a number of Chinese blockchain and cryptocurrency media have been shut down without getting any notice in advance, WeChat is a widely-used social and information platform developed by China’s Internet giant Tencent.

Obviously, China’s action to overhaul blockchain and cryptocurrency media accounts shows its resolution in making effort to ban activities related to ICOs. Thus Consumers and investors should strengthen their risk prevention consciousness and are not allowed to follow the hype, for fear of frauds.

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