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China Facts: info on the historical ICO market

 

 

Regulatory agencies is targeting shadow banking which has been estimated to at around US$8.5 trillion (58.5 trillion yuan). Shadow banking is a tricky issue between the wish to deleverage and maintaining growth, but now the Authorities are pressuring banks to stop making shadow loans backed by high-interest offerings known as wealth management products (WMPs)*). Furthermore China, which houses one of the world's most active bitcoin communities, has been a key part of the ICO boom, both in terms of companies selling tokens and buyers snapping them up. ICOs involve raising funding by creating and selling new crypto tokens to investors. Xinhua reported in July 2017 that Chinese companies had raised $383 million from 105,000 investors during the first half of the year. PBoC announced early September 2017 an immediate ban on ICO funding**). China at least starts to address the shadow banking issues, question is how far they can go to regulate the market. Time will show.

 

*) RFA Radio Free Asia 8th may 2017 **) TechCrunch.com 4th September 2017

 

 

 

 

 

 

 

 

 

 

 

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