The People’s Bank of China (PBOC) published on Friday a statement warning of criminals participating in fraudulent schemes marketed as “blockchain”, “digital currency”, and “financial innovation”, among others. The bank claims that criminals might attract retail investors in different schemes of illegal fundraising, but in reality, the latter are manipulated to enter pyramid schemes and frauds.
The statement was jointly prepared by China’s central bank, the Public Security Bureau, the China Banking and Insurance Regulatory Commission, and two other state agencies. They agreed that many blockchain and crypto-related activities “are not really based on blockchain technology but are hyping the blockchain concept to raise funds illegally,...
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