(NBD) Sept. 7 -- Chinese authorities on Monday announced a ban on Initial Coin Offerings (ICOs). ICO activities should be halted, and ICO platforms should not engage in exchange services between fiat currencies, virtual coins and tokens, according to a statement from People's Bank of China (PBOC).

NBD reporter conducted an in-depth survey into one of the big trading platforms of domestic virtual currencies in China, jubi.com, in an effort to shed some light on how ICO platforms would react to the regulations.

Jubi.com suspended the trading of its "innovation pilot zone" on September 5, just a day after the PBOC announcement. Before the suspension, jubi.com is divided into major trading zone, general trading zone and innovation pilot zone. Mainstream digital currencies like Bitcoin, Ether coin are exchanged at the major trading zone, Infinitecoin, Puercoin and others which have been traded for a long time at the general trading zone and other new tokens at the innovation pilot zone.

Jubi.com listed some platforms to which products at the innovation pilot zone could be transferred on Wednesday. Some of those platforms are headquartered overseas.

With regard to whether such move should still be subject to China's regulations, Deng Jianpeng, a professor in Law School of Minzu University of China, told NBD that as long as a Chinese citizen is involved in the transactions, it should stay supervised by China's regulations.

NBD reporter noticed that overseas markets are not regulation-free for ICOs. For instance, Russia's central bank recently announced that it would not guarantee or support cryptocurrency.

The way out for ICO may be raising capital only from some specific individuals or private fundraising, Deng added.

Email: gaohan@nbd.com.cn