China’s government has declared that initial coin offerings are illegal and called a halt to fundraising involving virtual coins, in the latest move to curb risks from unregulated areas of the financial system.
ICOs are “essentially a form of unapproved illegal public financing behaviour” that also “raise suspicions” of illegal securities issuance, financial fraud, and other “criminal activity”, a group of seven agencies led by the central bank announced on Monday.
Bitcoin, the best known cryptocurrency, saw its price fall 9 per cent to $4,437 on Monday as traders absorbed the news from Beijing.
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