August 24, 2018 / 7:35 AM / 3 months ago

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

FILE PHOTO: A woman walks past the headquarters of the People's Bank of China (PBOC), the central bank, in Beijing, China June 21, 2013. REUTERS/Jason Lee

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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