PBOC provides updates on its cryptic prevention efforts

September 19, 2018 Bitcoin

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PBOC provides updates on its cryptography prevention efforts "title =" PBOC provides updates on its cryptographic prevention efforts "/> </div> </p></div> </p></div> <p><strong> The People's Bank of China (PBOC) has published a statement detailing its efforts to stop and prevent encryption and initial currency activity in the country. The bank outlines measures against the spread of foreign exchanges serving domestic users such as blocking trading platforms and closing 3,000 trading accounts. </strong></p> <p><em><strong> Read also: 160 Crypto Exchange seeks to enter the Japanese market, the regulator reveals </strong></em></p> <h2 style= Domestic servants serve from overseas

PBOC provides updates on its efforts to prevent cryptography Shanghai headquarters of the People's Bank of China provided an update on the bank's risk prevention measures for cryptocurrencies and initial coin offerings (ICO) on Tuesday 18 September. [19659007] PBOC provides updates on its cryptographic prevention efforts "width =" 300 "height =" 283 "srcset =" https://news.bitcoin.com/wp-content/uploads/2018/09/coins1-300×283 .jpg 300w, https://news.bitcoin.com/wp-content/uploads/2018/09/coins1-768×724.jpg 768w, https://news.bitcoin.com/wp-content/uploads/2018/09 /coins1-1024×965.jpg 1024w, https://news.bitcoin.com/wp-content/uploads/2018/09/coins1-696×656.jpg 696w, https://news.bitcoin.com/wp-content/uploads /2018/09/coins1-1392×1312.jpg 1392w, https://news.bitcoin.com/wp-content/uploads/2018/09/coins1-1068×1007.jpg 1068w, https://news.bitcoin.com/wp -content / uploads / 2018/09 / coins1-446×420.jpg 446w "sizes =" (max-width: 300px) 100vw, 300px "/>" In recent years, speculation related to virtual currency has prevailed, prices have risen to the stars and the risks have accumulated rapidly, seriously interrupting the economic, financial and social order, "said the bank." In order to maintain stability f in financial terms ", the central bank referred to the announcement last September that blocked all cryptic exchanges in the country.

As a result, the bank stressed that the country's "global share of virtual currency transactions" has dropped from the initial 90% to less than 5%. "However, by monitoring and monitoring the activities of cryptographic exchanges that left the country, the bank found:

Some virtual currency trading platforms originally established in China have started, registered overseas and continue to provide [service] to domestic users

In addition, the bank found that other methods of issuing tokens have emerged. "Another problem is the initial offers of currencies, forks and exchange rates (ICO, IFO and IEO) and cybernetic currencies that they are advertised under the aspect of a sharing economy, "said Yical Global.

PBOC replies

PBOC provides Update on its efforts to prevent cryptography In response to consequences of the arrest of cryptographic exchanges in the country, the PBOC has deployed the National Group for the Resolution of Special Risks of Internet Financial Financial and has adopted a series of targeted measures.

The first is to "strengthen the monitoring of virtual currency trading platforms" that provide trading services to domestic users from abroad. Detailed publication:

The Chinese central bank blocked 124 cryptocurrency trading platforms that targeted Chinese residents while using overseas servers to bypass local laws.

PBOC provides updates on its cryptographic prevention efforts The second is to strengthen the cleaning of encrypted payment and settlement services, including efforts to "guide the payment institutions interested in strengthening the management of payment, identify customers and provide risk warnings, set up a monitoring and inspection mechanism and stop the provision of payment services for suspicious transactions. "The bank revealed:

Currently, the payment channels in question have been checked and about 3,000 accounts engaged in virtual currency transactions have been closed.

Combating ICOs

PBOC provides updates on its cryptographic prevention efforts The third measure that the PBOC described refers to ICOs and similar products. The bank aims to strengthen the research and evaluation of these tools in order to "fight in advance … prevent problems … and transmit clearer regulatory signals to the market". As part of this plan, the bank wants to increase censorship efforts, including "the sale of domestic ICOs and websites related to virtual currency transactions."

In conclusion, the central bank reminds consumers and investors of raise awareness of the risks of ICOs, their issuers and individuals and organizations that facilitate encryption "for internal residents through the deployment of overseas servers." The bank also urges citizens to report suspicious activities related to cryptocurrencies to the authorities and to the ICOs.

What do you think of the PBOC's efforts to stop national cryptic activities and ICOs so far? Let us know in the comments section below.

Images courtesy of Shutterstock and PBOC.

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