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People’s Bank of China Issues New Warning Against ICOs and Cryptocurrencies

The People’s Bank of China (PBoC) has issued a new warning to citizens regarding investments in initial coin offerings (ICOs) and cryptocurrencies, amidst reports detailing how Chinese citizens were bypassing the cryptocurrency restrictions. This latest warning comes more than a year when China’s central bank first released their unprecedented ban on ICOs. Although the ban, which was first announced in September of 2017, has reduced ICO trading volume, Chinese investors are using multiple methods to circumvent the ban. Some Chinese investors are even turning to peer-to-peer transactions to purchase shares of ICOs, by paying people located in other countries in fiat currency to transfer the tokens. The regulatory authority notes that they are working tirelessly to stop illegal trading through various methods, including “cleaning up” payment channels and strengthening their ability to monitor financial transactions.

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Wednesday, September 19, 2018