The recent ICO ban in China was initiated by the Central Bank. This method of fundraising was declared illegal. The organizers of the ICO in China were forced to return all funds to investors. The adviser to the Central Bank of China, Chen Songchen, in an interview for the local newspaper Caixin, told why he thinks this step is right. In his opinion, this will allow investors to protect themselves from the risk of losing funds. At the same time, an opportunity opens up for further regulation of the turnover of digital currencies.

Songchen believes that ICO regulation is a fair measure, since the stock market has such regulation. Chen Songchen also admitted that BTC is a decentralized asset that cannot be banned. Nevertheless, strict rules should be applied to cryptocurrency trading to eliminate the risk of money laundering through such trading," Chen added. In conclusion, the adviser to the Central Bank of China said that the activities of companies implementing blockchain technology deserve encouragement, citing Alibaba as an example to follow.

Source: bitnovosti.com