Bitcoin and other cryptocurrency price sharply declines

Baku. 5 September. REPORT.AZ/ The price of Bitcoin and other virtual crypto currencies has sharply declined due to China’s ban on the emission (ICO - Initial Coin Offering) of crypto currencies on the initial market.

Report informs, the People's Bank of China (PBOC) has considered the ICO operations illegal and demanded to put an end to it and punish the initiators.

The organization considers that the ICO creates basis for collecting funds illegally. PBOC demands to return to investors the funds collected up till now. 

As a result, “ICOage” and “ICO.info” platforms mediating the sale of crypto currencies have stopped their activity. The price of bitcoin declined from $4, 912 to $3,969; price of other crypto currencies fell from $395 to $275.