China banned ICO

People's Bank of China released official statement, that bans ICOs
04 September 2017   3742

The People's Bank of China issued a banning order for the initial offers of coins (ICO) in the country. This is reported by Silicon Angle with reference to the local edition of Caixin.

The prohibition concerns not only the new initial coin offering. In addition, organizations and individuals who have already conducted an ICO by now will have to return funds to investors.

The decision to ban the ICO came into force last weekend. As a consequence, the large-scale conference on the ICO, which was to be held on September 2 in Beijing, was canceled. Also, the authorities warned all major trading platforms about the official ban of ICO as "illegal financial activity." 

The market reaction was not long in coming.

Top 10 cryptocurrencies
Top 10 cryptocurrencies

As you can see on the screenshot of CoinMarketCap, all cryptocurrencies are losing their positions. Ethereum, Litecoin, IOTA and Ethereum Classic lost over 10% in 24 hours.

Facebook to Launch GlobalCoin in 2020, BCC Says

Facebook consults with representatives of the US Treasury Department and Bank of England  about regulating the initiative named Libra
24 May 2019   43

Operator of the world's largest social network Facebook Inc. will launch a new payment network based on its own cryptocurrency in the “dozen countries” in the first quarter of 2020, the BBC reports.

The publication claims that Facebook consults with representatives of the US Treasury Department and Bank of England Governor Mark Carney about regulating the initiative, code-named Libra.

At the same time, the Financial Times reported that Facebook is already in talks about listing GlobalCoin on the American exchanges Gemini and Coinbase. 

Sources of the publication said that Facebook is discussing with the trading firms Jump and DRW the prospects of market-making and liquidity.

Previously, the media claimed that the company is also in talks to support the initiative with Western Union, Visa and Mastercard.

Testing the network is supposedly scheduled for the third quarter of this year.

On May 2, Facebook registered Libra Networks in Geneva, Switzerland. Its profile involves the development of infrastructure and software, in particular, related to investment activities, payment transactions, financing, identity management, data analysis, Big Data, blockchain and other technologies.