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China Bans All ICOs Immediately. Cryptocurrency Prices React

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China Bans All ICOs Immediately. Cryptocurrency Prices React

Post by Vladdirescu on Mon Sep 04, 2017 10:07 pm

A notice from the Banking Regulatory Committee led by the People's Bank of China today announced an immediate ban on ICOs. Starting September 4, all ICOs in China will be frozen.

The notice from the committee states that ICO fundings have seriously disrupted the economic and financial order in the region. There are several reasons for the ban, one of which is the concern that non-banking payment institutions have no legal right to carry out business related to token issuance and financing transactions. Moreover, the committee believes that dozens of startups launching ICOs may be financial scams and pyramid schemes.

The full article: https://coinidol.com/china-banned-all-ico-funding/


Vladdirescu

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