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China central bank warns against illegal fund-raising by virtual currency, blockchain firms

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   -   Copyright  Petar Kujundzic(Reuters)
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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)

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