China No Longer Cooperates with Foreign ICO Platforms

The Chinese authorities blocked access to ICO platforms. The information was announced by the representatives of the People’s Bank of China during a press conference that took place this Monday in Beijing.

The decision to block ICO platforms that illegally collect funds was made because China does not agree to be a territory for their enrichment. To do this, they will introduce stringent verification measures for startups.

Representatives of the People’s Bank reported that they will do everything possible to protect their citizens from financial fraud on the Internet. This was the main reason for blocking access to ICO platforms and virtual cryptocurrency exchanges.

The first attempts to launch the lock were made in the fall of 2017, and on the 4th of September, the Central Bank of China announced a ban on holding an ICO on the territory of the republic. Despite this, the statistics collected by the Internet Finance Association of China indicate that the residents of the country have not stopped investing money into foreign startups, as well as carry out trades on foreign stock exchanges.

The publication of data from this statistics and its analysis led to a message from the People’s Bank, which refers to the ban on participation in any ICO and digital currency trading through foreign exchanges. Representatives of the regulation argue about the validity of the ban.

We would like to remind you that the People’s Bank of China (PBoC) intends to continue to apply stringent measures against virtual currencies as part of its RMB protection and strengthening strategy.

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