Breaking news: China's Central Bank bans Initial Coin Offerings
A notice from a committee led by China’s central bank today announced an immediate ban on raising money through initial coin offerings (ICO's).
Here's the link (in Chinese).
China bans initial coin offerings as illegal fundraising
SHANGHAI/BEIJING (Reuters) - China on Monday banned individuals and organizations from raising funds through initial coin offerings (ICO), or launches of digital currencies, saying the practice constituted illegal fundraising.
Read more: Reuters.com
China bans companies from raising money through ICOs, asks local regulators to inspect 60 major platforms
Regulators are about to begin scrutinizing China's initial coin offerings — an industry worth hundreds of millions of dollars.
Read more: CNBC
China's Central Bank Declares Initial Coin Offerings Illegal
China’s central bank said initial coin offerings are illegal and asked all related fundraising activity to be halted immediately, issuing the strongest regulatory challenge so far to the burgeoning market for digital token sales.
Read more: Bloomberg
Here's how the Cryptocurrency markets respond to the news today. All coins with heavy exposure to chinese exchanges are getting sold off quickly. Especially NEO takes a big dive today.
24 Hour Change
7 Day Change
Market Capitalization
Annnnnnnnnd their gone
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The abuse of ICOs is apparent...we dont need a fucking coin for every little niche out there anyway
I wonder why they are doing this, I have heard it is because they do not want to be responsible for any loss that people suffer as they are 'gambling' with their money. However, this is probably just a coverup for something malicious. Thank you for the content OP, upvoted!
Haaaaaaaa haaa haaaaaaaa haaaaa, buy buy buy! All the way up. Sales prices! "Be fearful when all are greedy, be greedy when all are fearful". ALL IN!!! THank you again penguin! Highly appreciated.
Yes Warren, this is the right Way :)
Great news.
At least from government sector they step in this. There are so many fake ICOs like TravelCoin where people put their money and lost. Investors invest their whole money into ICOs, and at the end of the day, FAKE ICOs never listed into exchanges after months.
Government has ban ICOs to protect people loosing their money. I support the decision made by Chinese government.
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Perfect time to buy while the prices are down, someone can make a handsome profits by buying now and selling later!
You shouldve put that whole sketch up from southpark. China has done something like this numerous times over the years, that sketch is about when china attempted to ban bitcoin. Short term this is important but long term I don't see this having any effect on crypto
The biggest sketch is running the biggest ponzi debt bubble the world has ever seen and then 'regulate' ICOs because 'stability threat'.
But I welcome this sector growing up. Makes people think more clearly before launching bank ICO. Wishing regulators be gone is wishful thinking.
I agree, crypto is a completely new thing that governments really don't know what to do with. It is essentially the internet 2.0. Governments may try to ban certain aspects or regulate others, but it will be much more difficult than traditional banking systems.
What is this pocketsend thing?
Pocketsend is a token issued as subchain on the Steemit chain. There is no real use but we could use it to tip each other. Upvotes are rather scarce these days with effectively only 10 votes per day.
You can read more about Pocket here: https://steemit.com/pocket/@wekkel/pocket-token-steemit-s-own-tipping-coin
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Regulators regulating. Hardly news. Serious ICOs will play by the rules. If there is any hurt from this, it will be bogus projects that were not viable anyway. The shift would return focus to currencies.
Shady ICO enterprises will find other ways, no doubt. For now, ETH is down but not destroyed. I doubt it will impact Bitcoin much other than some short term volatility.
Yes, crypto went down a bit after the ICO announcement; but, notably the Dow and Nasdaq were down today, as well. So, could be all the natural disasters, news about DACA, and North Korea unrest might affect everything for a while.
One has to realize anything which negatively impacts North Korea affects all commerce on the Asian continent.
Peace.
This would be realy bad if ICOs wasn't decentralized and P2P...
How will they find out if a person joined an ICO? Can they do that?