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Author Topic: [2017-09-04]‘Black Monday’: The People’s Bank of China Declares ICOs Illegal  (Read 2939 times)
kaegmo
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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/
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buwaytress
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September 04, 2017, 02:31:19 PM
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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.

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September 04, 2017, 03:36:51 PM
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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
JohnDoe3490
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September 04, 2017, 03:51:10 PM
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Looks like we have to wait while China goes through each ICO one by one for review.
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September 04, 2017, 03:57:48 PM
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They had it coming.. I haven't always followed alts closely, but lately I have and a lot seem to be obvious money grabs.

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September 04, 2017, 04:46:16 PM
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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.



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