I thought it was just China trying to stop capital flight, but I also heard Bix Weir say that China had an insane amount of useless ICOs, so they were cleaning house.
They do own the largest Bitcoin farm and are developing their own crypto, so... I don't think they're trying to make cryptos illegal.
At any rate, they can't stop ICOs elsewhere in the world, and they can't stop the Chinese from finding ways around the blocks -- like having a friend in another country get them the tokens. It's a classic example of a government imposing economic controls, and the free market finding ways around it.
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