2017 has been an exhilarating year for China, which saw an army of entrepreneurs turn the country into a world leader in fintech, gaming, and the sharing economy. 2017 has also been a tumultuous year for the middle kingdom, where a government newly attuned to the power, and threat of the internet sent shockwaves through a range of tech sectors. To reflect on the past year, TechNode have identified a list of government moves in 2017 that have left lasting impact over the country’s internet space.

In September, China’s central bank declared initial coin offerings (ICO) illegal and called time on all fundraising activities involving virtual coins.

The ICO market allows startups to skip banks and traditional fundraising channels by selling digital tokens publicly. While the ICO uptrend is global, reports show that the demand has been predominant in Asia, especially China. In a country where investment opportunities are slim, ICOs took off at a breakneck speed for it provided an alternative investment and funding channel. About 70% of bitcoin miners are based in China, according to a survey (in Chinese) conducted by China’s state broadcaster CCTV.

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Rita Liao

Telling the uncommon China stories through tech. I can be reached at ritacyliao [at] gmail [dot] com.