China will monitor foreign cryptocurrency market

China will monitor foreign cryptocurrency market

Chinese edition Yicai reports that the Agency for supervision over public safety in China under the Ministry of public security, which actually performs the role of police closely monitors the activities of foreign cryptocurrency exchanges and exchangers, as well as former Chinese platforms that have moved overseas.

The publication reports that these actions are taken as part of an effort by the Chinese government to prevent the potential use of cryptocurrencies for money laundering, creation of financial pyramids and other fraudulent use of the platforms available to Chinese investors.

This is also part of the plan, which was launched in September last year, when the people’s Bank of China (PBOC) has banned the holding of ICO, and then banned the activities of cryptocurrency exchanges.

After these changes in legislation, the organizers of the ICO and cryptocurrency exchanges have shifted their attention to foreign platforms and markets. Despite the actual ban on cryptocurrencies in China, the Chinese government has continued to issue warnings about the risks associated with investing in cryptocurrency.

In early January, the national Internet Finance Association of China, a self-regulatory organization under the people’s Bank of China (PBoC), has published a special report about the “disguised” ICO, that despite the fact that formally were abroad was carried out by Chinese nationals, and was also available to Chinese investors.

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