Wales however did say that blockchain technology will “be with us for some time to come.”
ICOs are a way for start-ups to raise money by issuing a new cryptocoin, while users pay them bitcoin or ethereum. It’s similar to crowdfunding but with digital money. This year, start-ups have raised $2.4 billion from ICOs, according to data website Coindschedule.com
Wales however cautioned investors from participating in ICOs calling them a scam.