News - China Has Banned All ICOs
People's Bank of China issued a statement to ban all initial coins offerings (ICO) in the country.
A link to the relevant official document PBoC also published by a well-known Twitter user under the WhalePanda :
The People's Bank of China released a statement saying that all ICO's should be stopped immediately.
The ban applies not only the conduct of new initial coins offerings. China not only bans new local ICOs but orders liquidation of existing ones.
The decision to ban ICO gained into force last weekend. As a consequence, the large-scale conference on the ICO, which was to be held on September 2 in Beijing has canceled. Also, the authorities warned all major trading platforms about the official ban of ICO as "illegal financial activity."
The crypto-currencies market met this news extremely negatively. Below in the screenshot you can see that among the "record holders" in the fall in the price of the Ethereum crypto currency:
It also became known that the large-scale blockchain conference Shape The Future, which was due on September 10 in Beijing, was canceled. Within its framework, the premiere screening of a documentary film about the development of bitcoin and the crypto-currency industry in China was planned. Presumably, the organizer of the event, BitKan wants to transfer it to another city.
Source : bit.news
https://bit.news/eng/china-has-banned-all-ico/
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I guess this is all part of a well thought out plan, the problem is I don't have an idea what the plan is.
It's quite interesting. I could see a few different angles here, but none stand out more than the others. It's going to be quite interesting to see what happens. I can't imagine that they will be banned indefinitely.
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