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ICOs, OR Initial Public Offer?........Russian Restaurant Chain Launches ICO-Themed Menu Complete With Chinese Ban


The popular information technology startup fund raising strategy seem to be leaving the traditional infotech arena as many none infotech startups have rather chosen to issue ICO to raise funds for their businesses.

The latest of such offering is Russia’s largest restaurant chains.  The Restaurant  has released a dedicated ICO-themed menu for Autumn 2017. Dve Palochki (‘Two Chopsticks’), which operates primarily in Moscow and St. Petersburg, unveiled the unlikely marketing move last week.

The menu makes reference to a “mulled wine ICO” with drinks priced in “tokens” equal to Russian rubles. There is even an unavailable Chinese mulled wine which the menu describes as “banned.”

“Latin America, China, Japan and Europe have invested their cryptocurrency in ICOs,” a blog post about the release reads...“But we know what you should invest in this Autumn.”

Despite highly mixed signals from regulators, Russia continues to be a hotbed of ICO activity, with countless startups and ‘projects’ at various levels of completion seeking to capitalize on current market profitability.

Lawmakers have recently repeated intentions to ban cryptocurrency for “unqualified” investors, without giving specific details as to how such a prohibition would work in practice.

With the status of ICO tokens remaining a less contentious gray area, businesses meanwhile consider there to be little to worry about by the way of repercussions.

Earlier this summer, branches of Burger King in Moscow began accepting Bitcoin payments in a limited pilot scheme. In August, the fast food giant launched Whoppercoin, a homegrown digital token based on the Waves platform.

FIRE:  This is an interesting development that makes it imperative for authorities to put stringent controls for the issuance of ICOs and their listing  on the digital exchanges. 


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