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    China Forces ICOs To Return Funds As Korea Warns Of ‘Punishments’


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    Join date : 05.09.17

    China Forces ICOs To Return Funds As Korea Warns Of ‘Punishments’

    Post by Admin on Tue Sep 05, 2017 4:31 pm

    The People’s Bank of China (PBoC) has confirmed the country’s ICO ban, saying the financial tool was now “illegal” while “monitoring” continues.

    An official message from the bank’s website Monday announced that “all ICO activities shall cease immediately.”

    “Organizations and persons already having completed ICO campaigns should return funds to investors to protect their legal rights and interests, as well as to avert any risk,” it continued.

    China is responsible for around 40 percent of the ICO industry’s total $1 bln plus revenues, sources have suggested.

    The phenomenon had enjoyed an almost unhindered rise, which saw almost anyone able to gather investments through the issuance of digital tokens.

    Only in the past several months have regulatory bodies internationally caught up, with the US now also signaling a more formal approach, along with certain other jurisdictions.

    In freezing out ICOs and cutting off options for conducting business with relevant third parties, Chinese regulators are exposing a maximal section of the business community to the threat of legal repercussions.

    More crucially, these appear to involve broader - yet unspecified - business with “digital currency” in general.

    “Financial and non-banking payments organizations are not to either directly or indirectly offer any form of goods or services - including launch, registration, clearing or settlements - linked to ICOs or digital currencies,” the PBoC warns.

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