⛔ China's central bank warns on cryptocurrencies and ICOs

China's central bank, the People's Bank of China (PBoC), has issued a public notice warning investors of the risks related to cryptocurrency trading and ICOs. China notably issued a blanket ban on all ICOs in the country last year, outlawing them as an illegal form of fundraising. Despite the ban, crypto trading has thrived in China through offshore exchanges, with the PBoC targeting 124 offshore cryptocurrency trading platforms that serve mainland users. In an attempt to eliminate other forms of crypto trading and investing the government has asked messaging platforms and online public forums like Baidu, Tencent, and Alibaba to censor or ban cryptocurrency transactions on their platforms.