Through its Shanghai branch, the People’s Bank of China (PBoC) issued a public warning on Tuesday, reminding investors about the risks associated with cryptocurrency trading and initial coin offerings (ICOs).
“[ICOs are] suspected of illegally selling tokens, illegally issuing securities, illegal criminal activities, financial fraud, pyramid schemes, and other illegal and criminal activities,” says a roughly translated excerpt from the announcement.
This warning comes more than a year after China first introduced a blanket ban on ICOs, outlawing them as an illegal fundraising practice. In its latest notice, the Chinese central bank hailed the crackdown as a success, stating that the share of local crypto transactions has fallen from 90% to less than 5% of the global total, “effectively avoiding the virtual currency bubble caused by skyr...
This article appeared first on Cryptovest