China’s Central Bank Crashes Ethereum

By CryptocurrencySep 05, 2017 09:58AM ET

www.investing.com/analysis/chinas-central-bank-crashes-ethereum-200211536

China’s Central Bank Crashes Ethereum

By | Sep 05, 2017 09:58AM ET

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The first trading session of this week turned into a “Black Monday” for the entire cryptocurrency market. This time around the reason is rather fundamental. One of the world’s regulators, the People’s Bank of China, placed a ban on all public ICOs.

The PBC completely outlawed all financial transactions in Bitcoin, Ethereum, and other virtual currencies, which individuals and companies had previously employed to rake in additional capital. In compliance with this order, all ICOs that have been launched should be discontinued with immediate effect, and the companies which have already placed orders on the cryptocurrencies ought to refund their creditors.

In it’s report, the PBC states that the tokens sold to investors in the ICO process are not payment instruments, they lack characteristics of commodities and their transactions disrupt the stability of the financial system. More likely than not, this tough stance of the Chinese regulator, could be a defensive mechanism, probably due to the fact that the traditional state-controlled assets are losing popularity due to the growing demand for cryptocurrencies.

First of all, such news wrecked the most liquid and popular cryptocurrencies since they are used in all ICO transactions. As a result, Bitcoin is down 20% and Ethereum a brutal 25%. Market stakeholders are concerned that other central banks would take up a similar stance by imposing a ban on digital currencies because of their use in illegal financial transactions. As long as the enthusiasm does not dwindle, we advise you to grab the opportunity to be part of the developing bear market rally.

By Tim Deev

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China’s Central Bank Crashes Ethereum

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