The Financial Times wrote an article today on China declaring ICO’s (Initial Coin Offerings) illegal.
China has called for a halt to raising money via the ICO route. Focusing on the fraud aspects, regulators also stated that ICO’s had “thrown the social economy into disorder.”
The article goes on to state that Chinese investors will still find ways to invest in ICO’s outside of China.
Bitcoin was down 9% on the news.
We are so early into the game as far as ICO’s that it seems there will be a lot of roadblocks to overcome. How will regulation of ICO’s look? Does it go against the very essence of the crypto community? Time will tell.
In other ICO news Paris Hilton is backing an ICO.
Business Insider reports, Paris Hilton wrote on Twitter that she is “looking forward to participating in the new” LydianCoin — a platform that wants to combine the blockchain with “targeted, AI driven digital marketing and advertising services.”
Maybe Ms. Hilton signaled a top.