In China, ICO is now outlawed

China has declared ICO illegal and demands to return money to investors.

05.Sep.17 12:45 AM
By Jeff Bannister
Photo Toinnov.com

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Such a statement was made by the Chinese government. According to the chief financial regulators of the most densely populated country in the world, the ICO mechanism does not comply with China's domestic legislation.

Such a decision was supported by the People's Bank of China, the Ministry of Industry and Information Technology, Central Network Management and other key Offices.

The official statement of the government says that legal entities that distribute crypto currency are conducting illegal operations to raise funds, issue securities, and fraud. Also, according to the statement, all operations on the issuance of crypto currency in China should be immediately stopped. At the same time, the traders of the crypto currency must return the attracted resources and reduce investment risks to a minimum.

Also, the Chinese government has demanded to toughen the activity of trading platforms, prohibiting the exchange of money for virtual currency.

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