• Tue, 20 Aug 2019, 09:31 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

PBoC now targets airdrops in its cryptocurrency crackdown efforts

Photo: Bloomberg

Mon, 05 Nov 2018, 07:44 am UTC

The People’s Bank of China (PBoC) is now targeting airdrops as part of its efforts to crack down on cryptocurrencies and initial coin offerings (ICOs) in the country, CoinDesk reported.

Last year, the central bank and other government authorities banned companies from raising funds through ICOs and token sales. With the ban in place, companies are now opting for “disguised” ICOs, the PBoC noted in its new report.

The PBoC has released its financial stability report for 2018 in which it has highlighted the growth in disguised ICOs including airdrops – the free distribution of cryptocurrency tokens or coins.

While some crypto firms are shifting their projects to other countries and using agents to invest on behalf of Chinese investors, some projects resorting to cryptocurrency airdrops – they are giving away free tokens while reserving a part of the total supply. The central bank noted that these firms then try to use speculation in the secondary market to boost the prices of these tokens to reap profits.

The PBoC said that it needs to continue to carry out research and monitoring in this area, strengthen investor protection and education, and promote global cooperation.

Earlier this year, the National Internet Finance Association of China (NIFA) had also issued a warning n disguised ICOs. In August, it added a new category – Token sales – to its platform where the public can report potentially illegal financial activities.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,657.90 (-0.46%)
  • Ethereum (ETH) $196.54 (-1.78%)
  • XRP (XRP) $0.275200 (-4.02%)
  • Bitcoin Cash (BCH) $318.18 (-1.00%)
  • Litecoin (LTC) $75.61 (-3.00%)
  • Bitcoin (BTC) $10,657.90 (-0.46%)
Aug 20, 2019 (Tuesday)
09:26
bitFlyer teams up with Tpoint Japan to rollout bitcoin rewards program
09:03
Crypto exchange startup INX Limited eyes $129.5M IPO, marking the first SEC-registered security token sale
08:00
New York court denies Bitfinex, Tether's lack of jurisdiction claim
07:16
Crypto Technicals: BTG/USD recovery lacks traction, weakness likely to continue
07:15
Ethereum Foundation launches Korean version of its website, announces large-scale translation program
06:39
Crypto exchange BitMEX to block users in from Seychelles, Hong Kong, Bermuda
06:35
Cybersecurity veteran David Damato joins crypto exchange Gemini
05:42
Deloitte unveils demonstrational platform for blockchain solutions
05:36
Crypto Technicals: ETH/USD consolidates break above 200H SMA, potential 'Golden Cross' raises scope for upside
04:36
Crypto custodian BitGo poaches new Chief Revenue Officer from rival Xapo
03:50
97% of South Korean crypto exchanges on the verge of bankruptcy; blockchain startups now want to go overseas: Report
03:41
Philippines' central bank approves 2 new cryptocurrency exchanges
03:38
Association of Cryptocurrency Enterprises and Startups, Singapore rolls out new Code of Practice
Aug 19, 2019 (Monday)
13:46
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:36
World Bank raises another $33M for Kangaroo bond via blockchain technology
12:28
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:49
Silvergate Bank reveals plans to offer crypto-backed loans this year
11:18
Crypto Technicals: IOT/USD bias higher on intraday charts, 'Death Cross' and 21-EMA resistance likely to keep upside limited
10:35
Crypto Technicals: BTC/USD breaks above 55-EMA, scope for upside resumption
10:34
Binance seeks to empower countries to spur new currencies via new open blockchain project ‘Venus’
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft