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China introduces restrictions on cryptocurrencies

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China introduces restrictions on cryptocurrencies
September 06
09:00 2017

The Initial Coin Offering procedure was declared illegal by the People’s Bank of China. Official Beijing has issued a formal statement demanding an immediate stoppage of such actions.
This ban has become the result of the studies conducted by the Central Bank of China. Thus, the bank has found that the ICO procedure is dangerous for financial markets and threatens to undermine them.

The Central Bank of China has issued a decree on the return of all collected funds to investors as well as imposing the largest penalties for violations that were found during all previous operations with respect to cryptocurrencies.

We recall that the total amount of ICO is 1.6 billion US dollars. 43 crypto platforms were launched in China. The total amount of investments allocated to China is estimated at 398 million US dollars.

According to the authoritative portal Coindesk, the bitcoin rate has fallen by 5% to the mark of $ 4,398. Another popular currency called ether also showed a decline by a record 15%. It has fallen to the mark of $ 300.19.

Today, the agency Bloomberg with reference to the investor Mark Mobius has published disappointing for the cryptocurrency forecast. It says that this largely virtual market will experience hard times in the near future.

According to the analysts, the national banks of the states will strictly control cryptocurrencies. This is primarily due to the fact that it is easy to carry out illegal financing, for example, of terrorist organizations with the help of the cryptocurrency.

Experts predict that the trend for investing in cryptocurrencies will soon give way to more traditional ways of investing, for example, in gold.

The material was prepared with the participation of Andrey Majorov,
a leading analyst of the brokerage company CT Trade

 

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