Bitcoin Forum
January 17, 2018, 11:34:46 AM *
News: Electrum users must upgrade to 3.0.5 if they haven't already. More info.
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: [2017-09-04]‘Black Monday’: The People’s Bank of China Declares ICOs Illegal  (Read 2948 times)
kaegmo
Member
**
Offline Offline

Activity: 94


View Profile
September 04, 2017, 11:25:30 AM
 #1

The People’s Bank of China had completed investigations into ICOs, and now it will strictly punish such fundraising-related activities in the future. From this moment it will also castigate legal violations in already completed ICOs.

According to the Bank, along with the securities and other government agencies, any individuals or organisations that have completed ICO fundraising should make arrangements to return the funds. How the money are to be paid back to investors wasn’t specified though.

ICOs, which are generally deployed by startups for fundraising and can also be used for “smart” contracts, have seen unprecedented growth over the past year, raising $1.6 billion globally, with China accounting for around $400 million (through 43 to 65 ICO platforms according to different sources).

https://www.coinspeaker.com/2017/09/04/peoples-bank-china-declares-icos-illegal/
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1516188886
Hero Member
*
Offline Offline

Posts: 1516188886

View Profile Personal Message (Offline)

Ignore
1516188886
Reply with quote  #2

1516188886
Report to moderator
buwaytress
Hero Member
*****
Offline Offline

Activity: 504


I bit, therefore I am


View Profile
September 04, 2017, 02:31:19 PM
 #2

China's population is only about a sixth of the world's and yet it accounts for about a quarter of all ICO funds raised. That speaks volumes for how much crypto muscle it already wields. Once can only speculate how much it will continue to grow over the next few years. China's official stance has changed in the past so this decision shouldn't be seen as an end all.

Take heart. When China's central bank banned Bitcoin transactions in 2013, not long after passing $1,000... value dropped more than 20% and continued dropping til it lost more than half value in the weeks that followed. The recovery, you all know.

eckmar
Legendary
*
Offline Offline

Activity: 1148


Ecki


View Profile
September 04, 2017, 03:36:51 PM
 #3

A lot of people think this is the reason for BTC's price drop. I wouldn't be so sure as no one serious really care about ICO's at all as most of them end up being scam. I personally think this is a good move

          ▄▄██▄▄
      ▄▄██████████▄▄
  ▄▄██████▀▀  ▀▀██████▄▄

███████▀          ▀███████
████       ▄▄▄▄     ▄█████
████     ███████▄▄██████▀
████     ██████████████
████     ████████▀██████▄
████       ▀▀▀▀     ▀█████
███████▄          ▄███████
  ▀▀██████▄▄  ▄▄██████▀▀
      ▀▀██████████▀▀
          ▀▀██▀▀
COINVEST
▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
WEBSITE  ●  WHITEPAPER  ●  DEMO
ANN  ●  TELEGRAM  ●  BLOG

▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
       ▄▄█████████▄▄
    ▄██████▀▀▀▀▀██████▄
  ▄████▀▀         ▀▀████▄
 ▄████    ▄▄███▄▄    ████▄
▄████  ▄███▀▀ ▀▀███▄  ████▄
████   ██▌  ▄▄▄  ███   ████
████   ██▌ ▐███████    ████
████   ██▌  ▀▀▀  ███   ████
▀████  ▀███▄▄ ▄▄███▀  ████▀

 ▀████    ▀▀███▀▀    ████▀
  ▀████▄▄         ▄▄████▀

    ▀██████▄▄▄▄▄██████▀
       ▀▀█████████▀▀
COINTOKEN
JohnDoe3490
Full Member
***
Offline Offline

Activity: 154



View Profile
September 04, 2017, 03:51:10 PM
 #4

Looks like we have to wait while China goes through each ICO one by one for review.

Sr. Member
****
Offline Offline

Activity: 266


🌟 MIRA ICO 🌟


View Profile
September 04, 2017, 03:57:48 PM
 #5

They had it coming.. I haven't always followed alts closely, but lately I have and a lot seem to be obvious money grabs.




░░░░░░░▄▄█████▄▄▄░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░
░░░░▄██████████████▄░░░░░░░░░░░░░░░░░░░▄██████▄▄░░░░░░
░░▄██████████████████▄░░░░░░░░░░░░░░▄████████████▄░░░░
██████████████████████▄░░░░░░░░░░▄████████████████▄░░
▄███████████████████████▄░░░░░░░▄████████████████████
██████████████████████████▄░░░▄███████████████████████
█████████████████████████████████████████████████████▀
█████████████████████████▀░░░░░▀████████████████████▀
██████████████████████▀░░░░░░░░░▀█████████████████▀░░
░░███████████████████▀░░░░░░░░░░░░░░▀████████████▀░░░░
░░░▀███████████████▀░░░░░░░░░░░░░░░░░░▀▀██████▀▀░░░░░░
░░░░░░▀█████████▀░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░░
mira  ▀▀
██
 
██
   
██
   
██
   
██
   
██
▄▄
Cryptocurrencies have never been so easy
▬ ● ● ● ● ▬▬▬▬▬▬▬ ● ● ● ● ▬▬▬▬▬▬▬ ● ● ● ● ▬▬▬▬▬▬▬ ● ● ● ● ▬▬▬▬▬▬▬ ● ● ● ● ▬▬▬▬▬▬ ● ● ● ● ▬▬▬▬▬▬ ● ● ● ● ▬▬▬▬▬▬ ● ● ● ● ▬
Facebook LinkedIn Twitter White Paper Google+   Youtube
▀▀
██
 
██
   
██
   
██
   
██
   
██
▄▄
 
[/center]
error08
Hero Member
*****
Offline Offline

Activity: 616



View Profile
September 04, 2017, 04:46:16 PM
 #6

China's population is only about a sixth of the world's and yet it accounts for about a quarter of all ICO funds raised. That speaks volumes for how much crypto muscle it already wields. Once can only speculate how much it will continue to grow over the next few years. China's official stance has changed in the past so this decision shouldn't be seen as an end all.

Take heart. When China's central bank banned Bitcoin transactions in 2013, not long after passing $1,000... value dropped more than 20% and continued dropping til it lost more than half value in the weeks that followed. The recovery, you all know.

Yes, consider how much people in China and billion of dollars trading volume or invested on ICOs, but but had to stop all initial coin offerings which affects global market as well. Most coins prices are declining, especially for ethereum which being used as the major coin for most ICO.
I'm still waiting until coins prices fall to the bottom and buy some cheaper coins, as we know the price will be recover again, no need to worry about it but we should be patient.

      ▄  ▀████▀▀▀▀ ▄▄▄
     ███      ▄▄███████
   ▄██▀       ▀▀███████▌ ▄
  ██▀  ▄█  ███▄   ▀▀████ ▀▄
▄█▀ ▄▄███  ██████▄    ▀█▌ ▐▌
 ▄▄██████  █████████▄▄     ▀█
▐████████  ████████████
▀▀█████  ████████▀▀  ▄▄  ██
 ▀▄▄ ▀▀██  ████▀▀  ▄▄███▀ █▀
  ▀██▄      ▀   ▄▄██████ █▀
   ▀███▄      █████████ ▄▀
    ▀██▀  ▄▄▄▄  ▀▀████▀ ▀
         ███████▄▄▄ ▀▀

                                                                                  ███
                                                                                  ▀▀▀
    ▄▄▄▄▄▄▄▄▄▄▄▄        ▄▄▄▄▄▄▄▄▄▄           ▄▄▄▄▄▄▄▄▄▄▄▄▄     ▄▄▄▄▄▄▄▄▄▄▄        ▄▄▄        ▄▄▄▄▄▄▄▄▄▄▄
 ▄██████████████     ▄██████████████▄     ▄███████████████  ▄███████████████▄     ███     ▄███████████████▄
▄██▀                ▄██▀          ▀██▄   ▄██▀              ▄██▀           ▀██▄    ███    ▄██▀           ▀██▄
███                 ███           ▄███   ███               ███             ███    ███    ███             ███
████████████████    ███  ████████████    ███               ███             ███    ███    ███             ███
███                 ███           ▀███   ███               ███             ███    ███    ███             ███
▀██▄                ███           ▄██▀   ▀██▄              ▀██▄           ▄██▀    ███    ███             ███
 ▀██████████████    ███  ███████████▀     ▀███████████████  ▀███████████████▀     ███    ███             ███
    ▀▀▀▀▀▀▀▀▀▀▀▀    ▀▀▀  ▀▀▀▀▀▀▀▀▀           ▀▀▀▀▀▀▀▀▀▀▀▀▀     ▀▀▀▀▀▀▀▀▀▀▀        ▀▀▀    ▀▀▀             ▀▀▀












.The Best Gift for Travelers.........
..Your Gateway to a $60 Billion Dollar Global Market.....
[]
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!