China Signals Clampdown on Digital Currency Pyramid Schemes
China’s Ministry of Public Security and the State Administration for Industry and Commerce (SAIC) have decided to jointly work to curb the spread of online pyramid schemes, according to a ministry notice. The public security organs have detected a large number of national pyramid schemes, including some involving cryptocurrency.
The notice comes amidst reports of a plan by the People’s Bank of China to encourage the government to ban cryptocurrency trading.
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