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Central Bank Promises Tighter Cryptocurrency Regulation

By Bloomberg / Nov 25, 2019 10:41 AM / Business & Tech

Photo: VCG

Photo: VCG

(Bloomberg) — China’s central bank told businesses involved with cryptocurrencies to correct any improper actions, and warned investors to be wary of virtual currencies.

Speculation over cryptocurrencies has revived following the recent promotion of blockchain technology, the Shanghai Bureau of the People’s Bank of China said in a statement on its website on Friday.

“Problematic firms” that have conducted publicity campaigns, or have offered other services to offshore crypto exchanges, have been ordered to take immediate corrective action or exit the business, said the bureau, adding it will continue to regulate the industry.

The statement also warned investors not to confuse cryptocurrencies with blockchain -- a technology underlying the virtual coins -- as there are many risks in the issuance, funding and trading of cryptocurrencies, it said.

Related: Speculative Nature of Bitcoin Highlights Role for IMF-Backed Digital Currency, Ex-Central Banker Says

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