China's virtual coin fundraising ban heralds more curbs: Yicai

Beijing

CHINA is poised to further tighten rules on virtual currencies after regulators on Monday banned virtual coin fundraising schemes, Chinese financial news outlet Yicai reported citing sources.

China banned and deemed illegal the practice of raising funds through launches of token-based digital currencies, targeting so-called initial coin offerings (ICO) in a market that has exploded since the start of the year.

Yicai's report late Monday cited a source close to decision-makers as saying the announcement on t…