“A vice governor of the People’s Bank of China (PBoC) has again issued strong statements against initial coin offerings (ICOs), singling out those that have moved overseas, but are still marketing to investors in China.

Speaking at an internal meeting of the Internet Finance Rectification Working Group on Monday, Pan Gongsheng reiterated that ICOs, “disguised” ICOs and crypto asset trading are illegal in the country, and represent illicit forms of fundraising and securities issuance.

Although China issued an outright ban on ICOs in September 2017, Pan said a lot of the projects that moved overseas as a result are still making themselves available in the Chinese market, according to a report from local business media source Yicai.

Pan was quoted as saying:

“Any new financial product or phenomenon that is not authorized under the existing legal framework, we will crush them as soon as they dare to surface.””

 

Read the full article at Coindesk.com