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China imposes ban on ICO fundraising, launches inspection of leading platforms

The Chinese initial coin offerings are to be examined shortly. According to the Chinese media Caixin, a working committee that supervises financial tools in the internet, declared new projects for cash or digital money raising through cryptocurrencies will be prohibited. Linked fraudulent activities will as well be clamped down on, it also said.

Initial coin offerings were explained as an unauthorized financial instrument with high risks of sham, Caixin reported. The committee entered 60 leading platforms entered in a list for the regulators to scrutinize.

Current blockchain-based projects chiefly turn to moneyraising through ICOs. Businesses develop and release digital tokens which could further be a means of payment for products on their websites or accumulated as an investment.

These companies publish their technical documents, policies relating to their platform, they provide descriptions of programs or services they’re making, and people can purchase their tokens for much popular bitcoins or ethereum.

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  • avatar-7271
    Samantha Sam
    • #

    Cryptocurrencies market volatility is now higher than other assets, as the market is developing. Short-term growth can be caused bu a conflict between the US and North Korea

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