The Chinese central bank and financial regulators are increasing measures against illegal fund-raising actions.
A Chinese conference held in Beijing revealed that companies will tighten interest rates and audit for private companies that raise funds. Chinese officials are planning to aggravate sanctions.
Officials of the Chinese Central Bank have said that they have reduced the risks on the Internet after they forbid ICOs. China completely forbade ICOs on September 4, 2017. Then the crypto money trade ban was applied.
Last year, when China reached $ 1000 in Bitcoin last January, it began to constrain its tongue. China’s crypto-parallax approach has led to China losing its dominance over crypto-currency. However, as a result of a study conducted by the Chinese government, it turns out that many Chinese citizens continue to invest in crypto paralysis and ICOs. Subsequently, the Chinese Central Bank officials announced that they had banned all domestic and foreign cryptographic exchanges and ICOs and internet sites related to crypto money from the official newspaper.
Everyone predicted China would stop after that, but it continued to chase. The Chinese authorities controlled local bank accounts and targeted crypto investors, freezing all bank accounts and denying crypto investors from the financial system. As a result of all the efforts, the crypto money has been cleared from China.
On the other hand, unreliable and illegal fundraising is a big problem in China. According to Chinese state news sources, over 5,000 illegal fund raising cases, worth an estimated $ 36.5 billion in 2016, took place. More than 30% of these activities were linked to private investment platforms.