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Bitcoin tumbles as PBOC declares initial coin offerings illegal

Bitcoin tumbled as much as 11.%, the most since July, to $4,326.75

Lulu Yilun Chen & Justina Lee | Bloomberg 

Bitcoin tumbled the most since July after China’s central bank said initial coin offerings are illegal and asked all related fundraising activity to be halted immediately, issuing the strongest regulatory challenge so far to the burgeoning market for digital token sales. The People’s Bank of China said on its website Monday that it had completed investigations into ICOs, and will strictly punish offerings in the future while penalising legal violations in ones already completed. The regulator said that those who have already raised money must provide refunds, though it ...

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First Published: Tue, September 05 2017. 02:23 IST