The People’s Bank of China (PBoC), the country’s central bank, has issued a public notice urging investors of risks in cryptocurrency trading and initial coin offerings (ICOs).
The Shanghai branch of the PBoC issued a public notice on Tuesday to “remind” consumers and investors to increase their risk awareness of ICOs – a radical form of fundraising powered by cryptocurrencies, urging investors to avoid speculative trading in cryptocurrencies and steer away from overseas operators issuing ICOs.
It’s been a year since the PBoC issued a blanket ban on all ICOs, outlawing it as an illegal practice of fundraising.
The central bank also stressed that domestic residents should report operators behind ICOs, or any variant of ICOs for any “suspected illegal activity or illegal crimes.”
Once among the world’s largest trading markets for bitcoin and other cryptocurrencies, China’s comprehensive curbs on the cryptocurrency sector – led by the Shanghai PBoC with “on-site checks” of the country’s biggest bitcoin exchanges in early 2017 – has seen China’s influence on crypto trading markets and global prices wane considerably.
Developing…the story is being updated.
PBoC Shanghai image from Shutterstock.
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