China’s government keeps a negative stance on cryptocurrency
The Chinese government said it will maintain crackdown on illegal funding such as ICOs.
According to Reuters news agency yesterday, the Chinese government insisted that it would continue to crack down on ICO activities while strengthening crackdown on unregistered lenders imposing high-interest rates.
Recently, a large number of financial frauds have been detected in China, which has become a big social issue. The Chinese financial authorities said that while illegal financial activities have been on a decreasing trend, they are still a serious problem.
The People’s Bank of China (PBoC) said it is not operating any ICO-providing platforms and cryptocurrency exchanges in China. He also said that he will keep an eye on Internet-based financial platforms and monitor illegal activities.
China, on the other hand, is known to have a positive approach to the development of block chain technology while maintaining strong crackdown on cryptography. Media Group Thomson Reuter According to the published data More than half of the block-chain patents submitted in 2017 are known to have been filed in China.