China bans financing from Initial Coin Offering issuance

Author: Mike Paterson | Category: News

PBOC out with a statement 4 Sept

  • bans banks from coin financing--related business
  • ICO is illegal
  • no organizations or individuals allowed in ICO issuance
  • those who have already completed ICO fundraising should make arrangements to return funds
  • all ICO should stop immediately
  • warns of risks via ICO issuance
  • ICO issuance disrupts economic and financial order
  • wants to prevent those risks
  • will strengthen management of coin financing

China making their thoughts clearly known in a key initiative.

Expect price falls in Bitcoin/others.

                                            PBOC - China to ban ICOs