One of Bitcoin enthusiast Mike Caldwell's coins in this photo illustration at his office in Sandy, Utah, from September 17, 2013. REUTERS/Jim Urquhart
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Bitcoin tumbled the most since July after China's central bank said initial coin offerings were illegal and asked all related fundraising activity to be halted immediately, issuing the strongest regulatory challenge so far to the burgeoning market for digital token sales.The regulator said that those who have already raised money must provide refunds, though it didn't specify how the money would be paid back to investors.It also said digital token financing and trading platforms are prohibited from doing conversions of coins with fiat currencies. Digital tokens can't be used as currency on the market and banks are forbidden from offering services to initial coin offerings.A cross between crowdfunding and an initial public offering, ICOs involve the sale of virtual coins mostly based on the Ethereum blockchain, similar to the technology that underpins bitcoin.
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