China State TV: Token Sales Still ‘Rampant’ After Central Bank Ban

China Central Television (CCTV), the country’s highest-level government mouthpiece, has hit out at domestic initial coin offerings (ICOs) that it says are still “rampant,” despite a 2017 ban.

During its “Financial News” program aired on Monday night, the state media outlet said that the ICO ban issued by the People’s Bank of China last September had not deterred local investors. Instead, a get-rich-quick mentality is driving a rush into the cryptocurrency space.

CCTV went on to blast the emergence of what the Chinese crypto community calls “air coins” – a reference to token projects that are not backed by legally registered business entities – claiming that the number of air coins has increased by 30 times since the ICO crackdown.

“While many business entities have moved their projects overseas following the ICO ban, a lot of these ‘air coins’ carried on fundraising in China without migration because they are loosely organized as a temporary team, not even a formal business entity,” according to the program…

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