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Initial Coin Offerings Prohibited: China Proceeds Against Cryptography Supporter

Wednesday, September 6th, 2017 | Gadgets

The Chinese Central Bank (中 国) has banned so-called Initial Coin Offerings (ICO). Payments already settled are also to be reimbursed. Already in the summer of this year, the bank had warned against such investments. The Bitcoin price fell by about 10 percent immediately after the announcement, and the Ethereum price also fell by 16 percent in the short term.

At ICOs, tokens are sold, which are traded as the basis for a new crypt diet. Over the past few months, many fraudsters have also used the crypt of crypt. For this reason, the Chinese central bank regards ICOs as a threat to financial stability. It also prohibited the payment of the acquired tokens in real money.
Increasing regulation of cryptic diseases
Central banks around the world are trying to find regulatory responses to the increasing attractiveness of cryptanalysis. In Germany, the finance authority Bafin had prohibited the further distribution of the crypt diet Onecoin and the prosecution against their makers.
In addition to investing, bitcoin and other cryptanages are also to be used for terrorist financing and organized crime. The most visible example is the Ransomware payments, which are mostly processed in Bitcoin.

The incompetence of cryptosensors can also cause problems. In the proposed crypt-diet Enigma hackers took over the servers and mail distributors of the makers and announced an earlier start of the ICO. Within a short time they captured about half a million US dollars. One of the makers of the currency has used unsafe passwords for many services.


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