China intends to fight foreign ICOs that attract local investors

Vice President of the People's Bank of China Pan Gongsheng during the meeting of the working group on financial transformation on the Internet recalled that the ICO and any other projects on attracting investments are still banned in China. Pan noted that after the ban in September 2017, many projects moved to jurisdictions more loyal to the cryptocurrencies industry, but they continue to attract Chinese investors.Enter heading here...

"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." the regulator's representative said.

However, Pan did not specify exactly how it is planned to identify foreign projects and what measures will be applied to those who will try to attract Chinese investors in them.

Earlier it was reported that the WeChat messenger strengthened measures to combat the trade in cryptocurrencies in its application. In particular, the messenger has limited support for payment functions for users trading cryptocurrencies.

SOURCE