Cryptocurrency

06/11/18 08:28 UTC-4

China's central bank has strengthened control in the country's crypto-sphere

In China, increased control of the crypto sphere
In China, increased control of the crypto sphere

The Central Bank of China called on the government to strengthen oversight of “speculative” financing and investments in Blockchain-platforms and ICOICO
(Initial Coin Offerings) is an acronym, which means a primary currency offer. Details
, according to CCN China.

On Tuesday, November 6, the Research Bureau of the People’s Bank of China (Central Bank of the country) published a public working paper entitled: "What will BlockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details
technology do and will not contribute to?"

The first results of the analysis of the working paper show that the Research Bureau of the Central Bank (PBoC) is closely studying the impact of Blockchain–platforms aimed at commercializing decentralized technology in society.

Of course, the Central Bank authorities demanded a balanced look at Blockchain technology: "Firstly, do not exaggerate the function of the ban (...) Until now, no technological innovations have had a destructive effect on the financial system, and the Blockchain is no exception."

In addition, the PBoC research department also called on relevant Chinese government agencies to strengthen oversight of the financing of the crypto-sector. This manipulation is caused by public claims that fundraising through ICOs violates the laws of the country. In the context of these statements, the Chinese authorities, including the PBoC, have banned all ICOs in the country.

The PBoC working paper says: "Currently, the "bubble" in the sector of investment and financing of Blockchain technology is obvious. Speculation, market manipulation and even violations of laws and regulations are common, especially for tokens associated with public offer transactions. Relevant government departments should strengthen oversight and prevent financial risk".

Editor: Yuliya Soroka

See also: "Venezuelan banks are beginning to use Petro to account for customers"

#blockchain #cryptocurrencies #China #Central Bank of China #ban

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