The PBoC also said that it will allow for a level playing field for the foreign players to compete with the local players in the highly saturated payments market of China.
Crypto community in China may take a sigh of relief: according to its official the government temporarily “pauses” ICOs, not bans them.
Crypto Valley Association, a Swiss-based non-profit association that promotes cryptocurrencies and the development of blockchain technologies, has announced its support for ‘careful’ ICO regulation.
Chinese authorities are reportedly going to impose further restrictions on bitcoin and other digital currencies, following a recent ban on initial coin offerings.
The People’s Bank of China (PBoC) banned initial coin offerings (ICOs) declaring them illegal, and asked all related fundraising activity to be halted immediately.