Central Bank Of China Issues Anti Cryptocurrency Warning
The Peopleâs Bank of China (PBoC) have issued a public warning in order to mediate the risks of cryptocurrency trading and initial coin offerings. This comes after authorities in China have taken significant steps to reduce the cryptocurrency community to very little in China. Such moves include the blocking of cryptocurrency related news on social media, the blocking of numerous cryptocurrency exchanges, and even the refusal of services to customers of certain financial outlets that are seen to be using cryptocurrencies. Some areas have even banned events venues from hosting crypto and blockchain related meetings and conferences.
Now, with the PBoC weighing in on the drama, it is becoming pretty clear that China are on a mission to leave the cryptosphere, why, we canât be sure yet, but itâs clear now that China are finally, anti-crypto.
The PBoC have issued a public notice to customers and investors in order to make them aware of the risks involved in cryptocurrency trading and importantly, ICO investment. Just a year ago, PBoC did issue a ban on ICOâs, though with this recent announcement it seems they are somehow admitting their ban didnât really work.
According to CCN:
âIn August, CCN reported that an internet authority run by central bank officials is targeting up to 124 offshore cryptocurrency trading platforms serving Chinaâs citizens by blocking their IP addresses. The central bank, in its notice today, said it will continue to monitor the offshore servers of these 124 platforms in a continuing clampdown against the sector that still finds ways to evade the blockade. In response, the PBoC said it will closely monitor ICOs and its multiple variants, strengthen research and judgement, proactively fight and prevent concerns.â
Furthermore, the PBoC notice states:
âIn addition, it [the internet authority] has also strengthened the disposal of domestic ICO and virtual currency transaction related websites, public numbers, social media etc., and permanently blocked some public numbers suspected of releasing ICO and virtual currency trading hype information.â
Nothing has really changed here specifically. No further bans have been added and the notice issued by PBoC is simply just that, a notice. PBoC are advising their customers against cryptocurrencies and ICOs, its propaganda but itâs exactly what the authorities want. They want to stop people investing and they want to cut out all public interest. Therefore, announcements of this nature from the central bank are paramount in ensuring Chinaâs war against crypto can rage on.