Breaking: China’s State TV Again Criticizes Fraudulent ICO Behavior, Cities to Crack Down on Crypto Influencers

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On December 18, CCTV News Channel reported various fraudulent conducts of virtual currency transactions and fraud under the banner of ” blockchain “. Policies have recently been introduced in various parts of the country to increase crackdowns, such as shutting down crypto influencers that violate relevant regulations and the blogs of these crypto celebrities.

The video pointed out that according to the monitoring of the financial regulatory department, some criminals have recently hyped up “virtual currencies” under the banner of the blockchain. To this end, the China Internet Finance Association has released notices regarding “Risks regarding ICOs and Virtual Currency Activities in the Name of Blockchain”

The video goes out to explain that ICO, or initial coin offering, refers to the first time that a blockchain project issues tokens and raises common digital currencies such as Bitcoin. It warns that some criminals have hyped up “virtual currency” under the banner of blockchain. Their business doings are not really based on blockchain technology, but are abusing the name of blockchain. Therefore, there are serious damage to the rights and interests of consumers. 

Cities including Shanghai, Shenzhen, Beijing, Xi’an and other places have issued policies to increase crackdowns, such as closing the crypto online celebrities that have violated the relevant regulations, and the accounts of large video bloggers’ social networking sites.

While this crackdown seems to be getting serious and ongoing, we believe legtimate blockchain projects such as Maker are not under the category of fraudulent companies, and therefore may be investigated but will won’t likely be prosecuted.


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