In order to stamp out foreign ICOs, vigilance pledged by Chinese Central Bank Official
Regulating cryptocurrencies have been charged recently by The People’s Bank of China committee in order to discuss the next phase in their plan.
China had earlier shocked the work when they announced that they are putting a ban to all ICOs within their territory and are going to monitor the activities closely of all the crypto activities. This was back in 2017 when they had deemed it illegal. Now there is more news that is even more shocking. Just when we have thought that they have eased up, they actually have only beefed up the security on the same platform even more.
China announced that they have been planning on blocking all access to all the websites that were related to cryptocurrency or crypto trading or ICOs, both domestic and foreign.
Director of the State Administration of Foreign Exchange, Vice President of the PBoC as well as the head of the committee, Pan Gongsheng made it clear to focus on three of the core aspects by, “defining the standards of blockchain and online lending, reinforcing the boundaries of online insurances and non-bank payment services operating on digital currencies, and clarifying the legality of ICOs on all its forms.”
He also goes on to mention that, “You can do it with a license, and it is illegal without a license.”
He emphasized that, “The committee would be focusing on bringing down illegal financial activities while building stronger infrastructures to prevent online financial fraud and shall also be conducting on-site inspections and applying administrative penalties to those who don’t comply.”
The group has estimated that they are set to achieve their target in the next two years with the first deadline in their plan to be Jun 2019.