China is screwed here, because you don't need any special tech to do and ICO. You can just buy a single Bitcoin, and declare each Satoshi in that Bitcoin to be one of your newly minted "KemendoCoins", redeemable at a 1 BTC/1 KemendoCoin rate in your store and all participating stores.

https://en.bitcoin.it/wiki/Colored_Coins

That cat is out of the bag.

The only way to block it is by making unlocked computers illegal, and requiring people to buy all software through controlled app stores.