PBoC Will Fight Foreign ICO

July 11, 2018

Governor deputy of the Public Bank of China Pan Gongsheng spoke in tough against ICO. He stressed especially foreign projects that attract Chinese investors.

Gongsheng noted, ICOs, hidden ICOs and crypto asset trade are illegal in the country and are in fact unlawful ways of issuing securities and fund raising. He added, despite the ban on ICO in the country, many projects moved abroad and continued offering their services and products to investors in China:

“Any new financial product or phenomenon that is not authorized under the existing legal framework, we will crush them as soon as they dare to surface.”

Remember that this was not the first time Gongsheng takes a stand against cryptocurrencies. In December last year he stated, Bitcoin would die soon and suggested toughening regulation in this industry in January.

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