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China hits booming cryptocurrency market with coin fundraising ban

In total, $2.32 bn has been raised via ICOs, with $2.16 bn of that being raised since start of 2017

Reuters  |  Shanghai | London 

China on Monday banned and deemed illegal the practice of raising funds through launches of token-based digital currencies. The move was targeted at so-called initial coin offerings (ICO) in a market that has exploded since the start of the year. ICOs have become a bonanza for digital currency entrepreneurs, globally and in China, and have provided the fuel for a rapid ascent in the value of cryptocurrencies this year that has driven fears of a bubble that could burst. Individuals and organisations that have completed ICO fundraisings should make arrangements to return funds, ...

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First Published: Mon, September 04 2017. 23:34 IST
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