New Beijing regs take a bite out of Bitcoin

After a slew of high-profile ICOs — Initial Coin Offerings — by Chinese virtual currency operators, the People’s Bank of China (PBOC) has put the block back in blockchain. ICOs raised $385 million in China in the first six months of the year, but concern over possible fraud has prompted the PBOC to announce on Monday that there will be no more ICOs until further notice and that issuers will have to refund ICO customers. Bitcoin’s price tumbled on the news but steadied out once exchanges told customers that trading in the best-known cryptocurrency will continue. The future of cryptocurrency in China is by no means certain, and tough new regulations may still be coming. But two of the most active VCs in China, Sequoia and IDC, have reportedly invested in Bitmain, the world’s biggest bitcoin mining company.

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