China has banned Initial Coin Offerings and says that ICOs are now illegal. The PBOC said today that Virtual Currency used in coinage do not have the same legal status as Money and cannot be circulated as a currency in the market. 60 Exchanges will now be subject to inspection and those who have committed legal violations, will be penalized.
Watch this video to see why China banned ICOs, what does it mean for Digital currencies like Bitcoin and is this a positive development for precious metals like Gold and Silver?
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