China Bans Raising Funds Through Cryptocurrencies

China has banned individuals and organizations from raising funds through Initial Coin Offerings (ICO), or launches of digital currencies, saying the practice constituted illegal fund-raising.

ICOs have become a bonanza for digital currency entrepreneurs, globally and in China, allowing them to raise large sums quickly by creating and selling digital “tokens” with little or no regulatory oversight.

Important Takeaways from Above News-

  • Xi Jinping is the Present President of China.
  • Renminbi is the Currency of China.
Source- The Hindu Business Line

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