Sblock claims to support not only mainstream cryptocurrencies such as BTC, ETH and DUSD, but also dozens of other minority cryptocurrencies. In essence, it is an unauthorized illegal public financing behavior, involving illegal trading of bills, illegal issuance of securities, illegal fund-raising, financial fraud, pyramid schemes and other illegal and criminal activities.

Relevant departments will pay close attention to developments, strengthen coordination with judicial departments and local governments, strictly enforce the law according to the existing working mechanism, and resolutely crack down on market turmoil. Hand over the suspect to the judicial organs.

Tokens or "virtual currency" used in token issuance financing are not issued by the monetary authorities, have no monetary attributes such as legal compensation and coercion, and do not have the same legal status as currency, so they cannot and should not be used as currency in market circulation.

Extended data:

Announcement on preventing the financing risk of token issuance

Strengthen the management of token financing trading platform.

From the date of this announcement, any so-called token financing trading platform shall not engage in the trading business between legal tender, tokens or "virtual currency", shall not buy or sell tokens or "virtual currency", and shall not provide services such as pricing and information intermediary for tokens or "virtual currency".

For the illegal token financing trading platform, the financial management department will require the competent telecommunications department to close its website platform and mobile application, require the internet communication department to delete the mobile application from the application store, and require the administrative department for industry and commerce to revoke its business license.

References:

People's Bank of China-Announcement on Preventing the Financing Risks of Token Issuance