o3n [ozone] blockchain layer

Blockchain source

Menu
  • Cybersecurity services
Menu

China: Central Bank, Gov’t Caution Public Over Fake Cryptocurrency Schemes

Posted on August 24, 2018 by nbelov

Chinese citizens should be “rational” when assessing blockchain-based entities, says a new warning from authorities.

Multiple Chinese authorities issued a stark warning about illegal fundraising attempts claiming affiliation with the cryptocurrency industry in a bulletin Friday, August 24.

Sounding the alarm on “lawless entities” attempting to amass funds “using the banner of ‘financial innovation’ and ‘blockchain’” and distributing “so-called ‘virtual currency,’ ‘virtual assets’ and ‘digital assets,’” the document urges the public to be “rational” about blockchain-related information.

Its authors include China’s Banking Regulatory Commission, Ministry of Public Security and the People’s Bank of China (PBoC).

“Such activities are not really based on blockchain technology, but rather the practice of speculative blockchain concepts for illegal fundraising, pyramid schemes, and fraud,” it reads.

The document comes just days after authorities in Beijing announced they would ramp up efforts to block domestic access to cryptocurrency businesses located offshore.

A fresh batch of 124 platforms would be added to China’s Great Firewall, while the government is also taking steps to ban other activities which could be tantamount to endorsing cryptocurrency.

“The funds for these illegal activities are mostly overseas, and supervision and tracking are very difficult,” the most recent document meanwhile admits.

Despite focusing on genuinely illegal activities, the PBoC continues to ensure bonafide cryptocurrency businesses, ICO schemes and similar operators remain personae non gratae in China since bans on various facets of the industry came into force last year.

Source: Cointelegraph https://cointelegraph.com/

Recent Posts

  • 'Programmable money should terrify you' — Layah Heilpern August 19, 2022
  • Fortnite developer supports Animoca subsidiary's blockchain racing game August 19, 2022
  • India: 5G deployment to accelerate blockchain technology adoption, expert says – CoinGeek August 19, 2022
  • How blockchain technology could bring about a new wave of social networks – The Financial Express August 19, 2022
  • Robinhood lands steep 60% discount on $170M exchange acquisition: Report August 19, 2022
  • Wife of arrested Tornado Cash dev forbidden to speak with him — Rally organized August 19, 2022
  • Decentralized Insurance Built on the Blockchain is a Game Changer – BeInCrypto August 19, 2022
  • Ether is up 100% since its bottom in June, massively outperforming bitcoin – CNBC August 19, 2022
  • Blockchain-based Socios.com gets regulatory approval in Italy – Inside World Football August 19, 2022
  • Blockchain, tokenisation and financial inclusion – FinTech Futures August 18, 2022
  • Coinbase Proposes Digital Asset Policy To Regulate Blockchain Industry – The National Law Review August 18, 2022
  • Experts Explain: An India Blockchain Platform | Explained News – The Indian Express August 18, 2022
  • “System And Method For Using A Blockchain To Manage Medical Transactions Between Entities In A Healthcare Ecosystem” in Patent Application Approval Process (USPTO 20220245637): Healthpointe Solutions Inc. – Insurance News Net August 18, 2022
  • US lawmakers appeal directly to 4 mining firms, requesting info on energy consumption August 18, 2022
  • Sun West Mortgage Launches Market-Making Blockchain Platform – GlobeNewswire August 18, 2022
  • Casino On The Blockchain. Is It A New Trend, Or Does It Have A Future? – KHTS Radio August 18, 2022
  • What Web3 and the blockchain revolution mean for law enforcement – GCN.com August 18, 2022
  • A sharp drop in TVL and DApp use preceded Avalanche’s (AVAX) 16% correction August 18, 2022
  • Proprivex, Built On Avalanche Blockchain, Could Be The Next Big Thing Over This Crypto Dip – The Crypto Basic August 18, 2022
  • Blockchain Technology Global Market Report 2022: Unprecedented Losses Sustained in the Supply Chain Bodes Well for Integration Blockchain to Enhance Resilience & Reliability – ResearchAndMarkets.com – Crypto Reporter August 18, 2022
  • Blockchain Capital Announces New Chief Operating Officer & Operating Partner – PR Newswire August 18, 2022
  • Nigeria aims for millions of new eNaira users as it increases features, targets unbanked August 18, 2022
  • Colombia's National Mining Authority is tracking contracts on the blockchain: What can other Latin American countries learn from this experience? – Lexology August 18, 2022
  • Options data shows Bitcoin’s short-term uptrend is at risk if BTC falls below $23K August 18, 2022
  • World Bank Affiliate IFC Backs Blockchain for Carbon Credits – CarbonCredits.com August 18, 2022
  • This State Is India's 1st To Use Blockchain To Distribute Seed To Farmers – NDTV August 18, 2022
  • Over $2 Billion Stolen This Year In Blockchain Bridge Hacks Expose DeFi’s Achilles Heel – Forbes August 18, 2022
  • Hack-Prone Blockchain Bridges Expose DeFi’s Achilles Heel – Forbes August 18, 2022
  • CME Group plans to launch options on ETH futures prior to the Merge August 18, 2022
  • Blockchain venture capital funding down over 43% in July: Report August 18, 2022

Ad

Ad

©2022 o3n [ozone] blockchain layer | WordPress Theme by Superbthemes.com