China ICO Ban Crashes Crypto Markets, Dash China Conference Cancelled

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Active Member
May 26, 2014

ICOs have been declared illegal in China, causing the cryptocurrency markets to tumble, while an upcoming Dash conference in China has been postponed.

Initial coin offerings as a means of raising capital for cryptocurrency projects have risen to high levels of popularity, with the sale of tokens, many of them issued on the Ethereum blockchain, used to crowdfund development. A notice released by the People’s Bank of China bans the issuance of ICOs, and demands that their issuers refund their customers.

Bitmain co-founder Jihan Wu mentioned the news via Twitter, but also reiterated that the ban only affected ICOs, and that cryptocurrencies like Bitcoin remain perfectly legal for the time being.
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