China bans all ICOs and digital currency launches as ‘illegal public financing’

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Another market correction that some believe is due to the ban of ICOs and crypto currency launches in China. 

The ruling comes from China’s central bank, which issued a statement criticizing ICOs for “disrupting” the country’s financial order. The regulator described initial coin offerings as “a form of unapproved illegal public financing” that “raises suspicions” of fraud and criminal activity, reports the Financial Times. Although the valuation of bitcoin fell in response to the news, the regulation does not directly target the popular cryptocurrency.

I think it's fair to say that crypto currencies out there range in quality; some are mere currencies with no promising future, while some are projects with actual deliverable backed by visionary entrepreneurs. It's, hence, no surprise to see governments stepping in; not only to regulate the emerging industry but also protect the public against fraud.

 Any thoughts you have on this? Please share in the comments.

Full story: https://www.theverge.com/2017/9/4/16251624/china-bans-ico-initial-coin-offering-regulation

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