After ICO, China Now Bans Crypto Trading?

After ICO, China Now Bans Crypto Trading?

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China: On September 4th China took a major decision of banning ICO for raising funds for the project. This news resulted in the market crash in crypto currency. Today the central bank ” The People’s Bank of China” has released a news about imposing the ban on initial coin offering as well as the trading.

Based on the source: PBC

IV Financial Institutions and Non-Bank Payment Institutions Shall Not Conduct Businesses Related to Coin Offering Fundraising and Trading

Financial institutions and non-bank payment institutions shall not directly or indirectly provide product or services such as account opening, registration, trading, clearing and settlement for fundraising through coin offering/“virtual currencies”; or insure businesses related to tokens/“virtual currencies” or include tokens/“virtual currencies” in the insurance coverage. Once clues of illegal coin offering fundraising and trading is identified, financial institutions and non-bank payment institutions shall promptly report to the departments concerned.

 

Which means no exchange would now be allowed to trade with China resident. Also, the Chinese resident won’t be allowed to trade cryptocurrency in china or from other exchange across the world.

This ban could highly effect as it major mining companies is from china because of the low power consumption. Which means the price of popular currencies like ether and bitcoin is about to tumble.

Meanwhile, most of the Twitterati posted that the Exchange like Okcoin and Huobi hasn’t received any official notice from the PBC and are operating currently.

So keep calm and wait for the latest development on the crypto.




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