South Koreans who were planning to raise funds using cryptocurrency will have to find an alternative method. The country has decided to follow in China's footsteps and has banned raising money through all forms of virtual currency, according to Reuters. As TechCrunch noted, businesses around the globe have raised over $1.8 billion this year using the method known as initial coin offering or ICO. It's a convenient way to gather funding for various products, but it's not regulated and could easily be used to scam millions out of investors.