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Tuesday, August 4, 2020

Bitcoin and Other Cryptocurrency’s Started to Crash After Chinese Ban on ICO

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Bitcoins or Cryptocurrency is passing through a tumult nowadays. This is because China had banned the Initial Coin Offerings (ICOs). The central bank of China has called it illegal to raise funds through ICOs. The Chinese government had imposed a ban on ICOs on Monday. The country has prepared a list of about 60 companies involved in fundraising through ICOs. These companies will undergo an inspection. The results of the inspection will help the Chinese government to issue some regulations regarding ICOs.

ICO is a modern technique that most of the companies are using to raise funds. In this technique a company issues some tokens or coins and sells these to the customers who intend to invest in that particular company. These coins or tokens are then traded like the currency. Various companies across the world have raised millions of dollars in few months. The expansion of these ICOs has set all the governments to think some ways to control it. This is because the scams in these new Cryptocurrency exchanges have also increased.

Earlier, there is also news that hackers in North Korea have stolen millions of dollars from South Korean Cryptocurrency exchanges. Although there are no clear proofs of the North Korean involvement, yet no one can deny the possibility of such attacks. The South Korean government has also announced that it is going to impose strict punishment on fundraising through ICOs.

The Chinese ban on ICOs has badly affected the virtual currency exchanges. Bitcoin has decreased about 8% in its value and the other cryptocurrencies have also shown a decline of about 10%. Ethereum is also a virtual currency which is giving a tough competition to Bitcoin has also started to decline on the news of ban. The trading of this currency has also declined about 20% than it was in the earlier few days.

But, most of the cryptocurrency experts are of the view that this recession is temporary. They are also of the view that the ICOs ban in China is the first step towards induction of some regulations. The Chinese government is also saying that it wants to impose some regulations to control the scams in this crypto market. Thus, all the companies are welcoming the ban and waiting for some regulations to save their investments.

The value of Bitcoin has also started to crash. This is because the PBOC has issued a statement that the companies that have raised funds through ICOs will have to return the collected funds. The news has crashed the Bitcoin that was enjoying the high rates since the start of 2017.

A meeting of Entrepreneurs, investors and the companies has shown the expectations that the Bitcoin and other virtual currencies have the power to stay in the market.

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