CCTV: «the Sale of tokens in China continue despite the government ban»

China Central Television (CCTV), the main mouthpiece of the socialist government, mentioned the initial placement of tokens (ICO), which according to media is still «thriving», despite the ban in 2017.

During the program, «Financial news,» which was broadcast on Monday evening, the state media said that the ban
ICO, introduced by the people’s Bank of China in September of last year, not able to contain local investors. Instead, the thirst for a quick profit attracted more and more people in the cryptocurrency space.

Further CCTV presenters continued to discuss the cryptocurrency industry, in particular the fact that the Chinese cryptologist calls «air coins» projects sales of tokens, which are not supported by the registered enterprises. Speakers said that the number of «air coins» has increased 30 times after the ban ICO.

«Despite the fact that many businesses have moved their projects abroad after the ban ICO, many of these «air coins» Fund-raise in China, because they are organized as a temporary team, not a formal business structure.»

The statement said that the typical methods used by such projects, is to promote their fundraisers due to the well-known cryptocurrency investors. These include Whether Saola (Li Xiaolai), who was recently appointed
Fund Manager for investment in blockchain startups, 30% provided by the city of Hangzhou.

«In 99.99% cases, I associated with these projects without even knowing it. Among investors there is an obsessive fear to miss an interesting event or good opportunity. And when they can’t make a decision, they tend to trust influential character associated with the project,» Lee said in the program.

These statements can be considered another effort of the Chinese state media, trying to set the public against the cryptocurrency industry. It also occurs on the background of strengthening of struggle of law enforcement bodies with the pyramids, using the sale of tokens to raise capital from the public.

For example, it has recently been disclosed
cryptocurrency pyramid for $ 13 million in XI’an, after the police received complaints from residents who invested in the project. This Scam is quite common in countries with a high popularity of cryptocurrencies, and especially where formal channels of fundraising is prohibited, or where regulation is absent, thus untying the hands of fraudsters.

The statement in the CCTV news is noteworthy, as the government essentially admitted that his efforts to ban the ICO were unsuccessful. While just a month ago, China officially declared that completely got rid of the cryptocurrency business with the exception of miners.

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