SO it began..China bans all ICOs and digital currency launches as ‘illegal public financing’ While launching their Own B.R.I.C.S. cryptocurrency
The hype around ICOs or initial coin offerings has reached fever pitch in the US, with celebs like Paris Hilton endorsing new digital currencies and mainstream outlets such as CNBC offering viewers advice on how to build their own “cryptocurrency portfolio.” In China, though, the authorities have had enough, and today the Chinese government took the bold move of banning ICOs all together.
7 Reasons Why China Banned ICOs
5. China wants its own coin
We’ve heard rumors that China is looking to mint its own national cryptocurrency. If the country succeeds it will have greater control over that platform than the present options (Bitcoin, Ethereum, etc.). Regulators may be clearing the way for this this eventual debut.
AND NOW THEY HAVE MADE ONE WITH B.R.I.C.S.
The BRICS Finance Committee is discussing a joint virtual currency for the five nation bloc of developing economies, according to the Russian Direct Investment Fund (RDIF) chief Kirill Dmitriev.
The BRICS countries have considered switching to local currencies for mutual settlements with the Chinese yuan as the lead currency. The New Development Bank (NDB) is expected to be a substantial player in the process.
“The use of local currencies will help promote mutually beneficial economic cooperation, mitigate currency risks, increase trade, and facilitate companies in accessing the BRICS markets,” said Russia’s Vnesheconombank board member Nikolay Tsekhomsky.
China pledges new funding for BRICS as group opposes protectionismChina will give $80 million in funding for BRICS cooperation plans, Chinese President Xi Jinping said on Monday, while the bloc of five emerging countries pledged to oppose protectionism.
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11TH SEPTEMBER 2017 China vs cryptocurrency
It’s been an astonishing week in the crypto markets, with two major stories dominating the headlines.
As readers of Exponential Investor will know, companies are increasingly turning to initial coin offerings (ICOs) to raise finance, instead of conventional share sales. These have led to some pretty outlandish valuations. Just over a week ago, we saw the first billion-dollar valuations for post-ICO firms.
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