PBoC research head defends ICO ban
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
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