In a warning to investors, China’s central bank – Shanghai Head Office – has warned investors not to invest blindly in virtual currencies and ICOs.

On Tuesday, in a disclosure aimed at increasing risk awareness among investors, China’s central bank Shanghai Head Office warned investors that initial coin offerings (ICOs) and virtual currency investment carry significantly more risks than their legacy peers.

Investors should not blindly speculate in the market.

As a measure of dealing with financial risks stemming from these new-age assets, China has clamped down on the crypto-currency market, and has closed and banned a number of ICOs.