China bans and deems illegal the practice of raising funds through launches of token-based digital currencies

Token Sales/ICOs

Various news sources, including Reuters, are reporting that the People’s Bank of China has issued a joint statement with other Chinese regulators proclaiming that ICOs in China are illegal.  See the Reuters article here: China hits booming cryptocurrency market with coin fundraising ban.  The statement further directs Individuals and organizations that had ICOs to make arrangements to return the funds that were raised.

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