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China Is Crushing Foreign ICOs Venturing into the Country

China Is Crushing Foreign ICOs Venturing into the Country

A vice governor of the People’s Bank of China Pan Gongsheng roughly commented on the situation with ICOs in the country, specifically those that had moved overseas but kept communicating with Chinese investors. Gongsheng reminded that ICOs, undercover ICOs and crypto asset trading are illegal in the Republic and represent illicit forms of fundraising and securities issuance.

"Any new financial product or phenomenon that is not authorized under the existing legal framework, we will crush them as soon as they dare to surface,” Pan said. Further, a Chinese state-owned messenger WeChat turned out to be contributing into the regulation by spotting crypto traders and limiting the amount of fiat currency such users can receive via the app. 

China's Cryptocurrency Research Lab Opens New Center

China's Cryptocurrency Research Lab Opens New Center

People's Bank of China’s (PBoC) Digital Currency Research Lab is further extending its current research efforts to cities outside of Beijing to support the launch of fintech, including blockchain, ventures. 

Supporting Real-Life Projects 

The lab has partnered with the municipal government of Nanjing, the capital city of Jiangsu region, to open a fintech center in a move to develop and apply pilot programs with banks and academic organizations.

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