https://www.theregister.co.uk/2017/09/05/china_bans_cryptocurrency_ico_raisings/

Digital currencies Bitcoin and Ethereum have slipped after the Chinese government banned Initial Coin Offerings, a tool that sees equities offerings bid in cryptocurrencies instead of fiat currencies, a share funding mechanism.

The Peoples' Bank of China's joint announcement with six other agencies doesn't translate smoothly, but the gist is clear: token-based Initial Coin Offerings (ICOs) that see rights to cryptocurrency issued in return for scrip are regarded as a threat to financial order and stability.