RATE Group | Central Bank, Gov’t Caution Public Over Fake Cryptocurrency Schemes
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Central Bank, Gov’t Caution Public Over Fake Cryptocurrency Schemes

24 Aug Central Bank, Gov’t Caution Public Over Fake Cryptocurrency Schemes

Posted at 18:50h in Cryptocurrency News by

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Multiple Chinese authorities issued a stark warning about illegal fundraising attempts claiming affiliation with the cryptocurrency industry in a bulletin Friday, August 24.

Sounding the alarm on “lawless entities” attempting to amass funds “using the banner of ‘financial innovation’ and ‘blockchain’” and distributing “so-called ‘virtual currency,’ ‘virtual assets’ and ‘digital assets,’” the document urges the public to be “rational” about blockchain-related information.

Its authors include China’s Banking Regulatory Commission, Ministry of Public Security and the People’s Bank of China (PBoC).

“Such activities are not really based on blockchain technology, but rather the practice of speculative blockchain concepts for illegal fundraising, pyramid schemes, and fraud,” it reads.

The document comes just days after authorities in Beijing announced they would ramp up efforts to block domestic access to cryptocurrency businesses located…

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