PBoC research head defends ICO ban

Central bank official stresses ban on ICOs will not hinder research on blockchain

Bitcoin, the best known crypto-currency, uses blockchain technology

China’s ban on initial coin offerings is “necessary and timely” and will not hinder firms developing blockchain technology, according to an official at the People’s Bank of China.

“In fact, ICO involves illegal sale of tokens, illegal securities issuance and illegal fund raising, financial fraud, pyramid schemes and other criminal activities,” Sun Guofeng, head of the financial research institute affiliated to the PBoC told the central bank’s newspaper, Financial News.

Earlier this month, the

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account