CHINA PUTS A BAN ON INITIAL COIN OFFERINGS (ICO'S)!
ICO's - Initial coin offerings are essentially the process of raising funds and capital in exchange for cryptocurrency tokens which act as a store of fluctuating value for a specific purpose or function, these are stored within the Ethereum network.
However, in the past days, the Chinese Committee has expressed a lot of concern about these ICO's, financial scams and pyramid schemes. The main reason China has voiced discomfort with Initial coin offerings was that they are "Vulnerable to money laundering schemes" as transactions can be conducted anonymous and large funds can be raised extremely quickly.
Additionally, governments do not wish to be responsible for investors losses in any way. Therefore, they have put these restrictions in place in order to protect themselves from any financial matters.
Due to this cryptocurrencies have seen a large drop, with Bitcoin and Ethereum falling way under their all-time highs. Personally, I think we need to wait for the markets to correct and keep updated on any new information regarding China's regulation on ICO's and cryptocurrencies.
A balanced view on the China ICO restriction. Well done.
Thank you!
You are welcome. I see most people spreading FUD all in the name of China ICO restrictions.
It is a very hot topic at the moment haha.
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