The hype around ICOs or initial coin offerings has reached fever pitch in the US, with celebs like Paris Hilton endorsing new digital currencies and mainstream outlets such as CNBC offering viewers advice on how to build their own “cryptocurrency portfolio.” In China, though, the authorities have had enough, and today the Chinese government took the bold move of banning ICOs all together.
7 Reasons Why China Banned ICOs
5. China wants its own coin
We’ve heard rumors that China is looking to mint its own national
cryptocurrency. If the country succeeds it will have greater control
over that platform than the present options (Bitcoin, Ethereum, etc.).
Regulators may be clearing the way for this this eventual debut.
AND NOW THEY HAVE MADE ONE WITH B.R.I.C.S.
11TH SEPTEMBER 2017 China vs cryptocurrency
It’s been an astonishing week in the crypto markets, with two major stories dominating the headlines.
As readers of Exponential Investor will know, companies are
increasingly turning to initial coin offerings (ICOs) to raise finance,
instead of conventional share sales. These have led to some pretty
outlandish valuations. Just over a week ago, we saw the first
billion-dollar valuations for post-ICO firms.