China bans initial coin offerings as illegal fundraising

China bans initial coin offerings as illegal fundraising

The Chinese Communist Party (CCP) seal displayed inside the Great Hall of the People prior to the opening session of the National People's Congress in Beijing, China, on Friday, March 5, 2010. Photographer: Nelson Ching/Bloomberg

China on Monday banned individuals and organisations from raising funds through initial coin offerings (ICO), or launches of digital currencies, saying the practice constituted illegal fundraising.

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