PBOC bans financing from ICO issuance

The Chinese central bank (PBOC) published a statement on its website, announcing a ban on financing from Initial Coin Offering (ICO) issuance.

Key Points:

Bans banks from coin financing--related business

ICO is illegal

No organizations or individuals allowed in ICO issuance

Those who have already completed ICO fundraising should make arrangements to return funds

All ICO should stop immediately

Warns of risks via ICO issuance

ICO issuance disrupts economic and financial order

Wants to prevent those risks

Will strengthen management of coin financing