People’s Bank of China, the central bank of the country, has officially declared initial coin offerings (ICOs) as an illegal method of raising money. In an official statement, the PBoC announced that organizations and individuals are no longer permitted to conduct ICO campaigns and token sales.
Blockchain projects and startups that have recently completed their ICO campaigns were requested by PBoC to refund bitcoin and Ethereum raised during their ICOs to protect investors. CnLedger, a local bitcoin and cryptocurrency news source, wrote:
“PBoC bans ICOs. From now on, no organizations and persons in China are allowed to raise funds via ICOs. Fund-raising platforms are not allowed to provide trading and exchange services. Raised funds should be ‘cleared up’ and refunded to protect investors.”
Full story at http://bit.ly/2gIhjHY
Source: CryptoCoinsNews
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