Cryptocurrency ‘Bubble’ Risk Cited by Central Bank
China’s central bank warned of “obvious bubbles” in blockchain-related financing and investments involving cryptocurrencies, especially in Initial Coin Offering (ICO) activities.
The government should strengthen supervision of the sector and prevent financial risks, argues a working paper published Tuesday. The paper, titled “What can a blockchain do and not do?” was written by Xu Zhong, director of the Research Bureau of the People’s Bank of China, and central bank analyst Zou Chuanwei.
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