On Monday, Labor Day in the United States, China announced an outright ban of ICOs as well as recommended money collected by Chinese ICOs be refunded to investors. Although Bitcoin itself is not directly involved with most ICOs, Bitcoin and all cryptocurrencies in general, have benefited from the ICO boon by bringing new eyeballs to the nascent space. While this regulation has almost no effect on Bitcoin directly, new investors are likely spooked by the news.
China has a history of banning regulations which often occur at the peak of a large movements in price. In January this year the People’s Bank of China (PBoC) announced regulatory changes on domestic Bitcoin exchanges which sent Bitcoin price tumbling 36% in one week.
On Monday, Labor Day in the United States, China announced an outright ban of ICOs as well as recommended money collected by Chinese ICOs be refunded to investors. Although Bitcoin itself is not directly involved with most ICOs, Bitcoin and all cryptocurrencies in general, have benefited from the ICO boon by bringing new eyeballs to the nascent space. While this regulation has almost no effect on Bitcoin directly, new investors are likely spooked by the news.
China has a history of banning regulations which often occur at the peak of a large movements in price. In January this year the People’s Bank of China (PBoC) announced regulatory changes on domestic Bitcoin exchanges which sent Bitcoin price tumbling 36% in one week.
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