, Columnist
China Herds ICO Cats
Threaten social and economic stability, and tighter controls were inevitable.
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The declaration Monday by China's central bank that initial coin offerings are illegal and should be halted immediately shouldn't come as any surprise.
Beijing had been mulling a plan for controlling this year's boom in cryptocurrencies, with QQ.com reporting last week that authorities met with the chief securities and banking watchdogs. The state-endorsed National Internet Finance Association had also warned that ICOs pose a financial risk and may disrupt social economic order.