China central bank warns investors of ICOs and virtual currency risks

BEIJING (Reuters) - China’s central bank Shanghai Head Office said on Tuesday investors should increase risk awareness for initial coin offerings (ICOs) and virtual currency investment and not blindly speculate in the market.

FILE PHOTO: A woman walks out of the headquarters of the People's Bank of China (PBOC), the central bank, in Beijing November 20, 2013. REUTERS/Jason Lee/File Photo

China has taken a string of steps to clamp down on the crypto-currency market, including closing exchanges and banning ICOs in an aim to diffuse online financial risks.

Reporting by Beijing Monitoring Desk; Editing by Kim Coghill

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