China bans fundraising through initial coin offerings
According to the regulator, token financing and trading platforms are prohibited from doing conversions of coins with fiat currencies and digital tokens can't be used as currency on the market and banks are forbidden from offering services to initial coin offerings.
ICOs have become popular for digital currency entrepreneurs, globally and in China, allowing them to raise large sums quickly by creating and selling digital “tokens” with little or no regulatory oversight.
Bitcoin tumbled 7.2 percent, the most since July on a closing basis, to $4,530.73. The ethereum cryptocurrency was down more than 6 percent Monday, according to data from Coindesk.
Zennon Kapron, Director of the Shanghai-based financial technology consultancy Kapronasia, said he suspected regulators were putting the brakes on ICOs in order to better understand the phenomenon but could ease off in the future.
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