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Govt· Policy· Money Mkt

PBoC rolls up sleeves to cope with ICO and fake virtual currency dealers

CKN
minutes 2018/09/26 08:27:36
2,455
China's Financial News, China News,  ICO

Sep 26, 2018 (China Knowledge) - Shanghai Head Office of the People’s Bank of China (PBoC) has announced on its website that it will continue taking steps against ICO and virtual currency dealing venture.

In the past year, remarkable progress was made in regulatory effectiveness where virtual currency prices have fallen sharply given that the central bank and other organs have worked jointly to crack down on ICO illegal public financing.

Recent journalistic investigation reveals that under aegis of some ICO projects or block chain, some corporations as well as speculators scammed investors, grabbed money and raised capital in the name of foreign foundations, averting from financial regulations adopted by relevant bodies.

Currently, the purchase of mainstream virtual currency counts on over-the-counter transactions. Such deals are easy to find on OTCBTC, CoinCola and other platforms where an over-the-counter trading zones are available and users have access to buy other mainstream virtual currencies, including Bitcoin and Teda coin through Alipay, WeChat or bank transfers. Users can acquire any ICO tokens after entering coin-for-coin trading zone. 

After strict supervision, some of the original domestic virtual currency trading platforms have shut down in china. However, many of them have sought overseas registration and continue to provide trading services to domestic users.

In view of virtual currency speculation, industry calls for further consolidating regulation.

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