China Stops 60 ICOs companies and this sends Bitcoin and Ether crashing

China ban ICOs

Yes, the result and influence of China, has sent the price of Bitcoin from achieving $5000 mark and ensuring Ethereum slip below $300 the first time in almost a month.

So why did China shutdown 60 companies on embarking on an ICO mission not 6, 60 ?

Well, according to reports China see’s some of these companies coming with their ICO as scammish companies, simply put, illegal fundraising for the owners to be super rich without putting to use why they started the funding in the first place.

China being an influence in the marketplace with about one fifth cryptocurrency owners coming from the busiest market in the world, know their place in the industry as such would want to protect their citizens. A legislative order is being put in place to create sanity in the industry. And not forgetting about $ 1.6 Billion has been raised through ICOs.

Am a huge fan of this as am totally against ICOs that are just put up with lots of rehashed claims on what they have to offer; already the US Securities and Exchanges Commission has placed embargo on token sales, having itself banned several for not adhering to relevant securities legislation.

A good move which should be copied across board, what is important is ICOs should be encouraged only those who merit this, for now prices are crashing, good time to go LONG !!

Speak Your Mind