China bans ICOs fearing financial scams

Economy 9/4/2017, 2:03 PM
China bans ICOs fearing financial scams

China banned initial coin offerings (ICOs), a means of raising funds through the launching of cryptocurrencies, local news outlet Caixin reported on Monday.

According to a document issued by a committee overseeing risk in the sector of internet finance, and obtained by Caixin, authorities will ban all projects that involve raising money through digital cryptocurrencies as they are considered an unauthorized fundraising tool that could be a breeding ground for financial scams. The document contains as well a list of major ICO platforms that should be inspected by financial regulators.

TeleTrader Newsroom / JC

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