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China banned ICO

People's Bank of China released official statement, that bans ICOs
04 September 2017   4535

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.

Blockchain

Bank of China to Issue $2.8B Blockchain Bonds

Bank used its own DLT system to issue blockchain bonds
09 December 2019   54

The fourth largest state bank, the Bank of China, has issued two-year blockchain bonds for small businesses totaling $ 2.8 billion.

To issue digital certificates, Bank of China used its own blockchain system.

It is also the first blockchain-based bond issue accounting system in the country.
 

Bank of China

Securities will go on sale with an interest rate of 3.25% per annum.

Thus, the bank hopes to raise funds to support small businesses in the country. As of September, as part of this initiative, the bank provided loans to small and micro enterprises for a total of $ 57.7 billion.