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Cryptocurrency chaos as China cracks down on initial coin offerings

The boom in start-ups raising funds through ICOs has fuelled a jump in the value of cryptocurrencies, but raised fears of a potential bubble

Reuters  |  SHANGHAI/BEIJING 

China's move last week to ban initial coin offerings (ICO) has caused chaos among start-ups looking to raise money through the novel fund-raising scheme, prompting halts, about-turns and re-thinks. China is cracking down on fundraising through launches of token-based digital currencies, targeting ICOs in a market that has ballooned this year in what has been a bonanza for digital currency entrepreneurs. The boom has fuelled a jump in the value of cryptocurrencies, but raised fears of a potential bubble. "This is not unlike the dotcom bubble of 2000," said a ...

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First Published: Wed, September 13 2017. 08:05 IST
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