You are here: Home » International » News » Markets
Business Standard

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, ...

This article is no longer available in our repository.

There could be multiple reasons for this.

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