China’s Regulators Consider Suspending All ICOs

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On August 18, a joint meeting was held discussing the plan to possibly suspend all initial coin offerings(ICOs) within the country.

As per the source, Tencent Finance, further conveyed that a group of officials attended this meeting. The meeting was hosted by the financial market department of the People’s Bank of China (PBoC), the country’s central bank. China’s insurance, securities, and bank regulatory body were all a part of this meeting.

The regulators plan to put a control over the size of ICOs. Further, strengthen information disclosure, supervising and raising the digital currency, issuing investment risk warning and so on.

The report also stated, that if a large risk is found, the regulation will even suspend all ICO behavior and rectify it.

Earlier this year, PBoC suspended domestic exchange trading for months, effectively taking the world’s largest market offline overnight over concerns about customer safety.

Adding further evidence to the claim is that Caixin yesterday also confirmed a rumor that regulators are discussing a plan on ICOs, suggesting that any regulatory action will be based on an executive order published in 1998 by State Council, the executive Branch of the Chinese government.

The report, yet to be confirmed.

 

source: coindesk.com

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