China cracks down on cryptocurrencies with ban on initial coin offerings

Beijing has outlawed raising funds through launches of token-based digital currencies or so-called initial coin offerings (ICOs). The ban means trading and usage of all cryptocurrencies, including bitcoin, could now be illegal in China.

Seems like the chink government has some fear of giving up the low quality worthless paper money they are typically given the credit for "inventing".

But apparently the Aryan beat then to that.

The idea of using a durable light-weight substance as evidence of a promise to pay a bearer on demand originated in China during the Han Dynasty in 118 BC, and was made of leather. Although Carthage was purported to have issued bank notes on parchment or leather at least before the city's destruction in 146 BC, making Carthage the oldest known user of lightweight promissory notes.

Banknote