RATE Group | Shanghai PBoC Warns Chinese Public Against Blockchain Investment Schemes
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Shanghai PBoC Warns Chinese Public Against Blockchain Investment Schemes

12 May Shanghai PBoC Warns Chinese Public Against Blockchain Investment Schemes

Posted at 19:22h in Cryptocurrency News by

The Shanghai branch of the People’s Bank of China (PBoC) published an article detailing the signs of a financial scam, mentioning virtual currency and blockchain as signs of a fraudulent offering.

The article, published on May 12 on Chinese social media platform QQ, consists of 16 answers to common questions that explain what are the signs of a securities fraud.

While the article includes explanations for a variety of traditional fraud mechanisms, it also urges to be especially careful when dealing with “virtual currency” and “blockchain.” The recommendation is part of a generic “cheat sheet” that also includes fraud schemes based on pensions or traditional securities.

How to spot illegal fundraising

A sizable portion of the article focuses on defining “illegal fundraising” and explaining how to avoid it.

This section avoids direct mentions of cryptocurrencies or initial coin offerings, which were banned in 2017. However, many of the “illegal fundraising” methods…

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