China bans financing from Initial Coin Offering issuance
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