Chinese authorities have urged citizens to refrain from participating in cryptocurrency ICOs
Financial regulators and police in China's Liaoning Province have urged investors not to participate in initial coin offerings (ICOs), as this activity is considered illegal in the country.
Local authorities say that through groups in the WeChat messenger, attackers are looking for future victims, offering to download applications for investing in cryptocurrencies and metaverses. In addition to illegal fundraising, users may face fraud and other criminal activities related to cryptocurrencies, officials say.
The public warning from the authorities of Liaoning Province followed several notifications from the regulatory authorities of the People's Republic of China, including the People's Bank of China (NBK), reminding that the issue and trade of tokens are illegal.
Back in September 2021, the Supreme People's Court announced a ban on trading cryptocurrencies in mainland China. Services provided even by foreign crypto exchanges to local residents are considered illegal financial activities.
However, the Chinese authorities are actively working on the implementation of the blockchain. At the end of last year, the government partnered with the Blockchain Service Network (BSN) project to test a new platform for verifying the identity of RealDID citizens.
The NBK is considering all new scenarios for using the digital yuan. The central bank's management stated that people should be able to pay with CBDC under any retail scenarios. To do this, China is increasing the number of outlets and the volume of transactions in digital yuan.
