PBOC Touts Risk Free Removal of ICO and Cryptocurrency Platforms

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China’s central bank says it has successfully eradicated bitcoin trading platforms from the country.

Gong Yan (龚雁), the vice-head of the People’s Bank of China legal department, said that China has succeeded in the “risk free” removal of platforms for initial coin offerings (ICO) and the trading of cryptocurrencies such as bitcoins within the country.

Gong made the remarks at a 2018 forum on laws and policies for the prevention and handling of illegal fund-raising.

China kicked off a crackdown in cryptocurrencies in September last year with a ban on ICO’s, before launching a crackdown on both domestic and overseas cryptocurrency platforms in February 2018.

Gong highlighted four key areas that warrant attention from regulators when it comes to illicit online fund-raising in China at present, including increased professionalism, a proliferation of new illegal fund-raising models, combined online and offline advertising methods and the running of illegal fund-raising operations via the use of offshore servers and staff.

In future the Chinese central bank plans to cooperate with judicial authorities to launch the “Regulations for the Handling of Illegal Fund-raising” (处置非法集资条例) and the “Non-depository Lending Institution Regulations” (非存款类放贷组织条例), as well as closely monitor private lending rates and guide “rationalisation” of the the rates, usage and lending methods for private financing.

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