China bans companies from raising money through ICOs, asks local regulators to inspect 60 major platforms
Local outlet Caixin reported that a notice, issued by a working committee that oversees risk in the country's internet finance sector, said new projects raising cash or other virtual currencies through cryptocurrencies will be banned. It added that authorities will crack down on related fraudulent practices.
The document defined initial coin offerings (ICOs) as an unauthorized fundraising tool that may involve financial scams, the Caixin report noted. The committee provided a list of 60 major ICO platforms for local financial regulatory bodies to inspect.
https://www.cnbc.com/2017/09/04/chinese-icos-china-bans-fundraising-through-initial-coin-offerings-report-says.html
What is everyone's thoughts on this? Do you think this is a good buying opportunity? Should you run for the hills? Or should you just HODL and hope for the best? Could this just be the beginning and might we see other countries like the US and Russia soon follow suit?