CHINA China central bank warns against illegal fund-raising with virtual currencies and blockchain firms

CHINA

China central bank warns against illegal fund-raising with virtual currencies and blockchain firms

CGTN

07:39, August 26, 2018

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(Photo: CGTN)

China’s central bank issued a warning on Friday about the risks of illegal fund-raising by companies marketing virtual currencies and blockchain technology.

In a post on its website, the People’s Bank of China (PBOC) said those so-called “financial innovation” activities are akin to the Ponzi scheme, adding that people should have a rational attitude towards blockchain tech rather than put their blind trust in it.

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