The China Insurance Regulatory Commission, the Central Network Information Office, the Ministry of Public Security, the People’s Bank of China, and the General Administration of Market Supervision have suggested that some lawless elements have recently adopted the banner of “financial innovation” and “blockchain” to absorb funds through the issuance of so-called digital currencies. Such activities are not really based on blockchain technology, but rather the practice of speculating blockchain concepts for illegal fundraising, pyramid schemes, and fraud. Mainly have the following characteristics: First, network, cross-border. Second, deceptive, seductive, and concealed. Third, there are a variety of illegal risks. Click for details”.
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