The Shanghai branch of the People’s Bank of China has just commented on crypto yet again. According to the announcement, published on Friday, the branch of the Chinese central bank has observed a resurgence in cryptocurrency-related speculation through ICOs, IEOs, STOs, and other capital-raising/token distribution methods.
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The announcement continued that the sale of tokens for Bitcoin, Ethereum, and other virtual currencies remains “essentially unauthorized illegal public financing, suspected of illegal sale of tokens, illegal issuance of securities and illegal fund-raising.” The PBoC’s Shanghai branch then added that crimes enabled via cryptocurrencies have “seriously disrupted the economic and financial disorder.”
As such, the Chinese central bank asserted that it will continue to “monitor the virtual currency business activities within the jurisdiction,” which will be “disposed of immediately” if discovered.
PBOC Shanghai Head office just made a new regulatory update as
“Strengthen regulation and control, clamp down cryptocurrency trading” pic.twitter.com/zL0BgOJBUF
— Dovey 以德服人 Wan 🗝 🦖 (@DoveyWan) November 22, 2019
Blockchain, Not Bitcoin & Crypto: Chinese Media
This comes shortly after Xinhua, the leading state-run publication (and the purportedly most-read media outlet) of the People’s Republic of China, released an entire article on Bitcoin. The article, whose title roughly translates to “Bitcoin: The First Successful Application of Blockchain Technology,” was seen by many on Twitter as a ground-breaking development for the crypto space; Xinhua’s readership likely ranges in the dozens of millions.
When translated, however, it became apparent that the piece wasn’t as it seemed from the surface.
Head of Fidelity-affiliated Avon Ventures, a…