Chinese Officials Warn Citizens about Cryptocurrency Trading Ban
The authorities of the Chinese city of Weihai warned citizens to be careful about investing in blockchain projects since the latter can promote cryptocurrencies. Representatives of the state argue that due to the development of blockchain technologies in China, some companies began to actively promote cryptocurrencies. It is important to remember that any trading operations with digital coins have been banned in China since 2017. Representatives of the central bank and the police fully support this concern, so they plan to carry a thorough review of ICO projects and cryptocurrency exchanges. “Some companies set up servers outside China and promote their products among Chinese investors on social media,” the authority said in the statement. “They usually process transactions via online payment applications, therefore many of these funds are hard to retrieve as they floating abroad.” Technology is being actively introduced in China, as the authorities want to take world leadership in this area.