China Bans Fundraising Through Initial Coin Offering (ICO)

By [email protected] (Swati Khandelwal) China’s central bank today announced an immediate ban on all ICO—Initial Coin Offering—fundraising, to prevent fraud and illegal fundraising.

ICO is the hottest new thing in the blockchain world, which is an alternative to crowdfunding that lets a firm raise funding from multiple sources.

The People’s Bank of China (PBoC), the country’s central bank and financial regulator, has issued an

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