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China Maintains Tight Stance on Cryptocurrencies: Official States ICOs Will be “Crushed”



After announcing a blanket ban on cryptocurrencies in September 2017, China’s central bank publicly called the move a success on July 7, 2018.

Unauthorized Financial Products Will be “Crushed”

On July 9, 2018, Yicai reported the statements of Pan Gongsheng, head of the Internet Finance Rectification Working Group, who noted that the country still holds a pessimistic view of ICOs, cryptocurrency trading, and “disguised” ICOs. The group was authorized by China’s State Council in 2016 to scrutinize illegal activities in the “internal finance” ecosystem, along with executing crackdowns specified by the Chinese government.

Since terming ICOs as an “illegal public ...

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