People’s Bank of China Includes Crypto Token Airdrops in Its Anti-ICO Stance

2018-11-5 19:51

People's Bank of China Includes Crypto Airdrops in its Anti ICO Stance

China’ central bank, the People’s Bank of China (PBoC), recently mentioned cryptocurrency airdrops in its 2018 financial stability report it published on 2nd November.

Disguised ICO

In the report, the bank mentioned initial coin offerings (ICOs) under the garb of airdrops continued to expand. This growth comes when the central authority has taken a strict stance on ICOs and has banned them out rightly.

Airdrop is a marketing tool employed by many cryptocurrency launches. The main aim is to promote and/or identify issues that may affect the blockchain ecosystem. According to PBoC, the airdrop tactic is being used by various ICOs to circumvent its ban. The most employed method is to give away a small number of free coins as airdrops, while a major portion is kept in reserve. Speculation and market manipulation is then used to artificially inflate the price of the tokens and then they are carefully traded in the market to get profits.

The bank said in its report that it intends to remain on high alert and is keeping an eye out for these kinds of illegal activities. The bank furthers stated that it is in touch with other relevant agencies and authorities and monitoring cryptocurrency industry in order to educate investors about the risks and how to protect their investments.

Other Concerns

The report also mentioned a few other ways how the ICO ban was being avoided. One of the methods mentioned was ICO platforms simply moving out of Chinese jurisdiction. With that, the platforms employ local agents who take money from Chinese investors and buy tokens on their behalf.

The Chinese authorities see ICOs and other methods of raising funds by giving cryptocurrencies and tokens as potentially fraudulent way of making money and scamming investors. They frequently reach out to the public and request them to inform of any illegal ICOs and other crypto activity. The self-regulated organization, Chinese National Internet Finance Association (NIFA) even has a “token sales” category on its website in order to let people inform on any illegal ICO they come across.

The document also covered different statistics and information, such as the total number of completed ICOs within the country before it was banned (65), with over a 100,000 members of the public taking part in their sales and funding around 2.6 billion Yan (a little of over USD 337 million).

Even with the strong anti-crypto sentiment of the PBoC, cryptocurrencies are starting to see support from the legal infrastructure in China. Recently, the Shenzen Court declared bitcoins and other cryptocurrencies as property and, therefore, legal to buy, hold and trade.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Time New Bank (TNB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.01 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0093453 (-100%)

bank china airdrops people includes mentioned report

Источник: bitcoinexchangeguide.com

bank china → Результатов: 126


Фото:

China Shuts Down Software Maker Over Suspected Crypto-Related Activity, Issues Industry-Wide Warning

The People’s Bank of China (PBOC), the country’s central bank, has shut down a software firm over suspected involvement in cryptocurrency transactions. The central bank also warned organizations not to “provide premises, commercial display, advertising … and other services for cryptocurrency-related business activities.

2021-7-7 06:30


Народный банк Китая активно готовится к запуску цифрового юаня

Регулятор «расчищает» поле от финансовых услуг на базе криптовалют внутри Поднебесной. Как сообщает Народный банк Китая, его представители провели встречу с руководством ряда банков, включая Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (ABC), Construction Bank of China (CBC), Postal Savings Bank of China, Industrial Bank, а также провайдером услуг мобильных платежей […]

2021-6-21 17:09


Фото:

China’s State-Owned ICBC Bank To Offer Digital Yuan’s Cash Withdrawals In Beijing

Chinese citizens can now convert the Digital Yuan into Cash through the Industrial and Commercial Bank of China (ICBC), which has become the first bank in China to allow such transactions. The state-owned bank launched a feature on Friday 18, in partnership with the Agricultural Bank of China that will allow users to withdraw their […]

2021-6-19 18:06


China’s Central Bank Runs a Cross-Border Trial of Digital Yuan

According to the state-run Shenzhen Special Zone Daily newspaper, the People's Bank of China is now ready to run a trial of its digital yuan through cross-border payments. China’s central bank is running a one-day pilot program under which selected Hong Kong residents can use the central bank digital currency (CBDC) as a payment method […] The post China’s Central Bank Runs a Cross-Border Trial of Digital Yuan first appeared on BitcoinExchangeGuide.

2021-4-6 19:41


Фото:

В тестах цифрового юаня в Сучжоу задействуют кошельки от шести банков

Шесть крупнейших китайских коммерческих банков предоставят кошельки для тестирования цифрового юаня (DCEP) в ходе лотереи "красных конвертов" в Сучжоу, сообщает CLS. Приложения от Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of China, Industrial and Commercial Bank of China (ICBC) и Postal Savings Bank of China предоставят различные возможности.

2020-12-12 12:44


Kитaйcкий бaнк пpoдaёт oблигaции нa $З млpд зa биткoйны

Бaнк China Construction Bank будeт пpoдaвaть oблигaции нa блoкчeйнe, кoтopыe мoгут быть oплaчeны в дoллapax или биткoйнax, cooбщaeт South China Morning Post. Бaнк вxoдит в чeтвёpку caмыx вaжныx кoммepчecкиx бaнкoв Kитaя и, пo дaнным Forbes, являeтcя втopым пo вeличинe бaнкoм в миpe.

2020-11-11 18:30


China’s Top Private Bank Chair: Blockchain Tech Adoption Will Upgrade All Areas Of The Economy

China’s Blockchain potential could be unleashed to boost agriculture, finance and manufacturing, Chairman of Minsheng Bank states. In a report published on the Economic Information Daily, a China based publication, the Chairman of the first Bank in China to adopt blockchain technologies, Minsheng Bank, Hong Qi, said the world of blockchain, digital currencies and decentralized […]

2020-2-5 22:37


China’s State-Owned Bank, CCB, Launches A Blockchain-Based Small Business Financing Platform

One of China’s largest financial institutions, China’s Construction Bank (CCB) launched its blockchain based re-factoring platform. The announcement, released on December 10th by local news outlet, Sina Finance App, further points out the bank aims to boost efficiency and reduce risks pinned to the factoring business.

2019-12-11 17:04


Bank of China выпустил блокчейн-облигации на сумму $2,8 млрд

Четвертый по величине государственный банк КНР Bank of China выпустил двухлетние облигации на блокчейне для предприятий малого бизнеса на общую сумму $2,8 млрд. Для выпуска цифровых сертификатов Bank of China использовал собственную блокчейн-систему.

2019-12-9 16:22


Народный банк Китая отбирает организации для распространения собственной цифровой валюты

Народный банк Китая, готовящийся к эмиссии собственной цифровой валюты, может предоставить уникальное право на ее использование семи организациям. Об этом сообщает Forbes со ссылкой на бывшего главу по стратегии в области финансов China Construction Bank Пола Шульте.

2019-8-28 13:06


China’s Central Bank’s Crypto Proposal Will Assist Banks in Curbing Alipay, WeChat Pay Dominance

The much-awaited Bank of China’s cryptocurrency could be a move by the bank to help curb Alipay and WeChat Pay dominance in the financial sector. Appearing on South China Morning Post financial analyst, Cindy Wang, a renowned analyst with DBS Research Group, claimed that the country is set to benefit as investors and merchants will […]

2019-8-20 21:55


Фото:

‘Bullish For Bitcoin’: China Bank Bailouts Spark ‘Biggest Credit Bubble In History’

Bitcoin could possible gain from economic uncertainty in China as one source describes the country’s third major bank bailout of 2019 as the world’s “biggest credit bubble. ” China Bailouts: 3 Banks, $390 Billion Taking statistics from various sources, the Twitter cryptocurrency trader and commentator known as CryptoArbitrage noted that last week’s bailout of Heng Feng bank was the third involving assets over $200 billion.

2019-8-15 15:34


Governor of China’s central bank defines STOs as illegal financial activity in the country

The People’s Bank of China (PBoC), the country’s central bank, highlighted the illegality of Security Token Offerings (STOs) in the country, South China Morning Post reported on December 9. Pan Gongsheng, a deputy governor of China’s central bank, told a summit in Beijing “that ‘illegal’ financing activities through STOs and ICOs (Initial Coin Offerings)  were […]

2018-12-10 09:29


Deputy governor of China’s central bank defines STOs as illegal financial activity in the country

The People’s Bank of China (PBoC), the country’s central bank, highlighted the illegality of Security Token Offerings (STOs) in the country, South China Morning Post reported on December 9. Pan Gongsheng, a deputy governor of China’s central bank, told a summit in Beijing “that ‘illegal’ financing activities through STOs and ICOs (Initial Coin Offerings)  were […]

2018-12-10 09:29


China's Central Bank Wants to Put the Damper Airdrops: Report

The People's Bank of China (PBoC), China's central bank, has its eyes on cryptocurrency companies that run airdrop campaigns in the country. In its most recent financial stability report for 2018, which was published on Friday, November 3, 2018, the bank said there has been a surge in the number of "disguised" Initial Coin Offerings (ICO), including the free distribution of crypto tokens through airdrops, despite its effort to clamp down on their activities.

2018-11-5 22:04


China's Central Bank Wants to Put the Damper on Airdrops: Report

The People's Bank of China (PBoC), China's central bank, has its eyes on cryptocurrency companies that run airdrop campaigns in the country. In its most recent financial stability report for 2018, which was published on Friday, November 3, 2018, the bank said there has been a surge in the number of "disguised" Initial Coin Offerings (ICO), including the free distribution of crypto tokens through airdrops, despite its effort to clamp down on their activities.

2018-11-7 22:04


Китайский банк выпустил ценные бумаги на блокчейне на $1,3 млрд

Пятый по величине коммерческий банк КНР Bank of Communications задействовал блокчейн для эмиссии ценных бумаг, обеспеченных ипотекой (RMBS). Об этом сообщает CoinDesk. Ведущим андеррайтером выпуска ценных бумаг стала China International Capital Corporation.

2018-9-27 16:42


Bank of China наращивает инвестиции в блокчейн

Китайский конгломерат Bank of China намерен выделить больше средств на изучение финтех сферы, включая технологию блокчейн. Директор банка по информационным технологиям Лю Цювань отметил,что банк также будет изучать искусственный интеллект, облачные вычисления и большие данные.

2018-8-12 15:51


Фото:

Bank of China увеличит инвестиции в блокчейн

Четвертый по величине финансовый конгломерат Китая — Bank of China — объявил о планах увеличения расходов на исследования в области финтех, включая технологию блокчейн. Как уточнил директор по информационным технологиям Bank of China Лю Цювань (Liu Qiuwan), банк также заинтересован в финансировании исследований облачных вычислений, больших данных и искусственного интеллекта. Bank of China планирует тратить на эти цели […]

2018-8-12 13:52


Фото:

Крупнейший банк Китая начал применять технологию блокчейн в кредитовании

Cельскохозяйственный банк Китая (The Agricultural Bank of China, ABC), четвертый в стране и мире по объему активов, через филиал в провинции Гуйчжоу выдал с помощью технологии блокчейн кредит на $300 тысяч на приобретение сельскохозяйственных угодий.

2018-7-31 11:41


Фото:

An Australian Blockchain Experiment: Tracking Global Almond Shipments

Following a successful 2016 trial of blockchain technology in an interbank open account transaction, the Commonwealth Bank of Australia (CBA) has partnered with five international and Australian companies to ship 17 tonnes of almonds from Melbourne, Australia, to Hamburg, Germany, using a new distributed ledger platform built on the Ethereum blockchain.

2018-7-31 23:13


Hong Kong’s Banking Sector to Get a Blockchain Platform by September

The Hong Kong Monetary Authority, the region’s currency board and central bank, is set to launch a live blockchain-based trading platform in September. The banking project is backed by HSBC, Bank of China, ANZ, DBS Bank, Bank of East Asia,… The post Hong Kong’s Banking Sector to Get a Blockchain Platform by September appeared first on CoinCentral.

2018-7-20 16:08


Фото:

ЦБ Гонконга в августе запустит торгово-финансовую блокчейн-платформу

Управление денежного обращения Гонконга (HKMA), де-факто центральный банк автономной территории, запустит в следующем месяце платформу торгового финансирования на основе технологии блокчейн. Ожидается, что она ускорит проведение транзакций и сможет предотвращать мошенничество.

2018-7-17 10:41


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Crypto Fear and Greed Index hits 74: What it means for Bitcoin

The crypto fear and greed index recently hit 74, indicating extreme market greed. Bitcoin miner revenue soared over the past month. The rally that Bitcoin [BTC] saw over the last few weeks, The post Crypto Fear and Greed Index hits 74: What it means for Bitcoin appeared first on AMBCrypto.

Altcoins to triple in value? Analysts predict a breakout!

Altcoin market cap exceeds $1.1 trillion, signaling potential for an ‘altseason.’ Analysts predict a significant surge if resistance levels are broken. The altcoin market, a segment ofteThe post Altcoins to triple in value? Analysts predict a breakout! appeared first on AMBCrypto.

Will Ethereum surge to $4.5K before ETH ETFs go live?

Ethereum's price nears $4,000, influenced by optimism around newly approved ETFs. Market analysts suggest the potential for Ethereum to reach as high as $10,000 in the current cycle. In the The post Will Ethereum surge to $4.