Chinese Blockchain Conferences Cancelled In Fear of ICO Crackdown
Chinese media has reported that the People’s Bank of China (PBOC) has determined the majority of initial coin offerings (ICOs) to be in violation of fundraising laws, prompting the cancellation of at least one major cryptocurrency event previously scheduled for September. The report has emerged following recent revelations that the PBOC has been in discussions regarding regulatory measures designed to curb the proliferation of ICOs in China.
The PBOC Is Alleged to Have Determined That “More Than 90% ICO Projects Could Be Violating Illegal Fundraising or Fund Fraud Laws”
Citing an anonymous source, Caixin has reported that Chinese regulators have deemed initial coin offerings to be in violation of fundraising laws. Caixin alleged that the People’s Bank of China has concluded that “more than 90% ICO projects could be violating illegal fundraising or fund fraud laws”, alleging that “the percent[age] of projects that [are] actually raising funds for investments is less than 1%”.
Source:
https://news.bitcoin.com/chinese-blockchain-conferences-cancelled-in-fear-of-ico-crackdown/
WHAT “More Than 90% ICO Projects Could Be Violating Illegal Fundraising or Fund Fraud Laws” :O
Great article by the way :)
government is a definitely powerful factor in determining crypto