READ THIS BELOW CAREFULLY – I HAVE TRIED TO MAKE SENSE OF IT WITH THE INCLUSION OF WORDS IN BRACKETS. Personally, I am not so sure this is great news … only good in that regulations are trying to protect people from fraud.
Xinhua News Agency, Beijing, February 4 (Reporter Xu Sheng).
A reporter learned from The People’s Bank of China on the 4th February that after a regulatory ban on ICO’s (first token issuance), many people turned to overseas platform websites to continue participating in virtual currency transactions.
Whilst taking into account the territory, investors are faced with various risks involved in trading overseas platforms and [The People’s Bank of China] will adopt a series of regulatory measures.
The reporter learned from the Central Bank that [enrolment in] overseas ICOs involved various risks and problems as stated in the “Notice on Preventing the Financing Risk of Token Issuance” jointly issued by the previous seven ministries, including the illegal issuance of projects [potentially] real, fraudulent and even pyramid schemes etc. and [by] participating in overseas platform trading it may be more difficult for investors to recover [any] losses.
Regulators [need] to remind investors [of the] need to recognise the risks associated with offshore ICO’s and virtual currency trading platforms, [and to] firmly establish risk prevention awareness, [including not to] participate in relevant illegal activities.
The reporter also learned from the Central Bank that in the next step, [is that] the State will adopt a series of regulatory measures including [the] banning [of] related commercial presences and [the] banning and disposing of domestic and foreign virtual currency exchange platform websites to prevent financial risks and [to] safeguard financial stability. As soon as you find one, you have to close one.
In the meantime, the future depends on the development of the situation and does not rule out the possibility of introducing further regulatory measures.