Crypto Bloodbath: China Bans ICOs And Has Regulators Inspecting 60 Current Major Crypto Platforms
China bans companies from raising money through ICOs, asks local regulators to inspect 60 major platforms
Local outlet Caixin reported that a notice, issued by a working committee that oversees risk in the country's internet finance sector, said new projects raising cash or other virtual currencies through cryptocurrencies will be banned. It added that authorities will crack down on related fraudulent practices.
The document defined initial coin offerings (ICOs) as an unauthorized fundraising tool that may involve financial scams, the Caixin report noted. The committee provided a list of 60 major ICO platforms for local financial regulatory bodies to inspect.
https://www.cnbc.com/2017/09/04/chinese-icos-china-bans-fundraising-through-initial-coin-offerings-report-says.html
What is everyone's thoughts on this? Do you think this is a good buying opportunity? Should you run for the hills? Or should you just HODL and hope for the best? Could this just be the beginning and might we see other countries like the US and Russia soon follow suit?
I am new to steemit and know very little about crytocurrency. These type of article keep me in the loop. Thanks for the post.
Obviously this has strong impact potential on coins that derive their value from ICO's such as ETH. That said, having the ICO's that occur "shaken out" for BS artists and scams is a good idea...
Government is irrelevant... who cares what they say? Keep calm, trust the block chain and Bitcoin ON... Buy buy buy...