China banned ICO called them illegal fundraising

Almaty. September 4. Silkroadnews – China banned the ICO, saying it is illegal fundraising, Business Insider UK reported.
“China on Monday banned individuals and organizations from raising funds through initial coin offerings (ICO), or launches of digital currencies, saying the practice constituted illegal fundraising”, report said.
With this it is noted that ICO is very profitable for entrepreneurs working with crypto currency in China and around the world, as it allows to raise large sums quickly by creating and selling digital “tokens” without regulatory oversight.
It is reported that the People’s Bank of China, the regulator of securities and the banking sector and other government departments posted a joint statement on the central bank’s site stating that individuals and organizations that have completed fundraising through the ICO should take measures to return the funds.
According to the publication, this year the popularity of coin offerings has increased in China to 65 ICO and 2.62 billion yuan ($394.6 million) collected from 105,000 people in the country.
Initial coin offering, ICO, is a form of attracting investments to new technological projects and start-ups in the form of emission and sale of new crypto currency to investors.