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Cryptocurrencies

ICOs under China's regulators close scrutiny

Monday 4 September 2017 | 10:26 AM CET

Chinese regulators have deemed ICOs to be violating fundraising laws, a determination that could lead to harsh regulations on the blockchain use case, according to a report from Caixin.

The People's Bank of China, the country’s central bank and financial regulator, has been chief among this group of global regulators considering the validity of ICOs. So far, blockchain projects based on initial coin offerings (ICOs) have raised more than USD 1.8 billion.

Quoting an anonymous source, Caixin reported for CoinDesk that researchers in PBoC have been studying ICOs and have reached a conclusion that many are covers for illicit activity. However, the report is inconclusive on whether regulators see value in using cryptographic tokens for startup funding, the online publication ends.

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