Chinese Gov’t Reiterates Strict Stance On Crypto, Focuses On Illegal Fundraising

The Chinese government has recently reiterated its negative stance towards Initial Coins Offerings (ICOs) and cryptocurrency exchanges at a news conference in Beijing, claiming that financial authorities will continue to monitor private lenders’ interest rates, securities companies, and futures firms to combat illegal fundraising, Reuters reports April 23.

In a joint statement provided by several regulators, the People’s Bank of China (PBoC) stated that it will continue to fight risks from internet financing and highlighted that ICO projects and trading platforms have been closed to the benefit of public safety.

According to the joint statement, the regulations have managed to partly reduce illegal fundraising in China, however, “the situation remains severe.” According to China’s supreme court, illegal fundraising imposes immense harm to the national market and financial security…

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