China central bank warns against illegal fund-raising by virtual currency, blockchain firms
FILE PHOTO: A Chinese national flag flutters outside the headquarters of the People's Bank of China, the Chinese central bank, in Beijing, April 3, 2014. REUTERS/Petar Kujundzic
euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.
BEIJING (Reuters) – China’s central bank issued a warning on Friday on the risks of illegal fund-raising by companies marketing virtual currencies and blockchain technology.
In a post on its website, the People’s Bank of China said those so-called “financial innovation” activities are akin to ponzi schemes, adding that people should hold a rational attitude towards blockchain rather than put blind trust in it.
(Reporting by Beijing Monitoring Desk; Editing by Simon Cameron-Moore)