China’s Police Force Is Keeping A Track On International Crypto Transactions
Mar 01, 2018 Posted / 7607 Views
The Public Information Network Security Supervision agency of China, under the Ministry of Public Security, is closely observing the foreign cryptocurrency exchange platforms and national platforms as well that have shifted overseas- Reported by the business news outlet, Yicai.
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The report states that Chinese government is putting efforts towards precluding money laundering and pyramid schemes scams that can be conducted from various platforms and affect Chinese investors.
China executed circulation of virtual tokens in the month of September of 2017 when the People’s Bank of China (PBoC) prohibited the commencement of Initial coin offering (ICOs) and also ordered occlusion of crypto trading in the nation.
The Chinese regulators had warned a number of times regarding involvement of high risk in crypto trading and ended up with repressing crypto circulation. Following to government’s restrictions, the Chinese investors and ICO organizers shifted their attention to foreign platforms.
As per Coindesk reports, the national internet Finance association of China mentioned about “disguised” ICO activities that were shifted to overseas but still convenient for native investors.
Ministry of Public Security of China replied to this stating that the agency is looking forward to crackdown pyramid schemes involving virtual tokens.
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