China Urges Citizens Not to Participate in ICOs

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China has no current plans to remove restrictions on the use of digital currencies, and authorities regularly warn citizens against their usage, including stablecoins.

The Liaoning Provincial Police Department recently cautioned potential investors about the dangers of investing in ICO projects, as promotions for tokens from unknown startups are being spread through messaging platforms.

However, it has been discovered that these ICOs are fraudulent, leaving those who participate at risk of losing their money.

The People’s Bank of China echoed this sentiment this week, reminding the public that all dealings with digital currencies are strictly prohibited in the country, holding both token issuers and purchasers accountable for engaging in such transactions.