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CHINA PRESS: The surprisingly quick and harsh crackdown on initial coin
offerings (ICO) announced on Monday by the People's Bank of China can be
attributed to the influence of the Financial Stability and Development
Committee, whose establishment was announced during the National Financial Work
Conference held in July, said a source close to regulators, according to a
Tuesday report in the Economic Observer. The report also said that the decision
to declare cryptocurrency ICOs as illegal was made during a meeting organized
by the PBOC last Thursday, and that other regulators and relevant ministries
showed general support for the PBOC's move. (The Economic Observer)