Bitcoin Forum

Hello,

I was checking out #neo on Twitter and saw a lot of articles saying Neo is legal as from today in China.
So this would be the coin not banned from the exchanges.

Does anyone have more info?

I did not know that Neo was illegal in the first place.

Sorry my English isn't super i mean that the regulations they are communicating are in favour of Neo.

As far as I know, NEO is not illegal but rather ICO's are what is illegal in China and legal ICO's would be regulated. China also didn't ban the complete usage of cryptocurrencies to their citizens but they have only banned local exchanges themselves maybe because of not complying to the rules and regulatons of China or them not having a permit of sorts to operate business so therefore they banned it.

People want you to believe NEO is somehow special from the other currencies in China so it gets pumped.

If this really was the case, I would have expected to see a lot more action going on with a billion threads here.

We have to wait and see as I don't see any news about it either. Maybe yes, maybe not. But my questions is there are so many altcoins out there, what makes NEO different that the Chinese government makes it legal?  The only thing that connects NEO to China, is that NEO is considered to be the Chinese ETH. So its a Chinese company. Let not speculate and just wait how this evolved.

I don't think it's true. Also the way you are saying this is implying other coins ARE actually illegal.
No coins are illegal in China as of now...

Cryptocurrencies in CHina are not really illegal, my friend. Its just ICO crowdfunding and operations of exchanges there are stopped by the government of China. Cryptocurrency ban on China is not really confirmed as other were saying. Of course Neo is one of them. Even cryptocurrency exchanges there are prohibited by government. Citizens there can still be able to trade their crypto by peer to peer trade. They can deal to any persons there who are willing to sell their crypto. Localbitcoin i think is available there. So im sure localbitcoin is a blockbuster there.

Anyway, just a breaking news. China just stated that virtual currencies there will be regulated. https://news.bitcoin.com/virtual-currencies-expected-to-regulated-in-china-on-october-1st/
That's a good sign that they are still interested on cryptocurrencies despite of crackdowns against cryptocurrencies there. Also it's a good thing they will regulate it. It's the best thing to do to make cryptocurrecies legal there. They must comply.

Honestly, having analyzed the behavior of this currency on the exchange, we can say that the coin behaves poorly. For portfolio investments, you can come up if you have time to wait.

Whether the rumor is true or not, neo is already rising in the exchanges, reached the $33 mark and rising. Good future ahead for the coin.

couldn' agree more Since NEO initiated from China and already abides by the proposed rules, NEO would China’s leading numerical platform.

NEO was never illegal in China and it was never banned on any exchanges as far as I have seen and read. However, ICOs were recently banned by the government of China, but didn't ban the usage of other cryptocurrencies.

By the way, NEO is already doing great on the market, surely investors who didn't panic and sell their investments when the ban issue derived are now making profit.

Rumors saying it was never illegal in the first place...

Not illegal but could be banned. However, this is now no longer the case and crypto just needs a bit of regulation. NEO is 100% safe and investors are coming back to the market, should have grabbed more NEO coins while it was in the dump state.

I`m currently reading an article about NEO.
NEO is one ICO based in china, very reasonable if neo legal in china because it is their own product.
But I`m very disappointed, in a sneaky way, china crack down on Bitcoin and other Cryptocurrencies under the pretext of "Bitcoin and Cryptocurrency instead of the legal currency to transact and potentially lead to fraud", while he makes his own crypto for his country.

This is probably where the rumors started. This article has since been deleted from the website:

https://web-beta.archive.org/web/20170925193139/https://www.cryptocoinsnews.com/neo-founder-da-hongfei-advised-china-ico-ban-govt-collaboration-possible/

And these other articles refer to that news:

https://www.cryptocoinsnews.com/neo-price-surges-founder-says-government-collaboration-possible/

https://www.cryptocoinsnews.com/neo-leads-crypto-market-30-price-surge/ (also mentions Bitfinex added NEO)


https://cryptovest.com/news/neo-proves-its-strength-price-up-25-good-news-pile-up/

I should note that an issuer (or affiliate of the issuer) making speculative statements (i.e. which are not statements of material facts) are illegal in terms of most securities laws in the world. He is attempting to pump up the price, but perhaps digging deeper legal problems in the future.

This yet again more of the scammy nature of our ecosystem, attempting to hype empty Pets.com bags to greater fools. As with the Dot.com bust, this will not end well when the ICO bubble finally collapses into a pile of rubble.

Enjoy it while you can.

(Oh remember, yeah right I am just jealous and I can’t get along with anyone so entirely ignore everything I wrote  ::))

Neo has a bright future, rumor or not. it gets pumped a lot for a good reason. If you want a coin that will rise in value in rapidly in the next couple of years, it is neo.

I think we need a lot to confirm this, if NEO is legalized in China, NEO will definitely go to the moon today but the NEO market today is very peaceful and prices are not rising much.

This is correct. And NEO is homebreed to China. However it fall to a astonishing $13 on September 15, when all the negative news coming from there. Short time I'm seeing that it can go to $30. And it looks like it also recovered. However, we need to see any confirmation from the Chinese government itself.


Nice. Thanks for the share. I will read it the links later and decide for myself. Honestly, I have still some NEO it me and I'm so happy that's its very bullish as well. But I'm gonna dump it when the price reach $50. I just hope that it can go  there in the next couple of months.

What a gem of a post we have here, hilarious and true at the same time. In the outside world, for such claims, a real security can be destroyed with the CEO facing serious accusations, yes, just for a speculation!
So we have two possible cases here:
1) He knows this and he doesn't care as he is either anonymous or in a safe heaven where he can't be touched.
2) He is so ignorant and stupid that he doesn't even know that it is illegal to do what he is doing.

Which one is it?

what do you mean by this part ?
China never banned any specific coins (bitcoin or altcoins) from exchanges. they closed the exchanges themselves, most probably because of ICO infestation.

besides NEO has never been illegal to begin with. it is like any other one of them. like ETH and a dozen others.

and speculation-wise it seems like NEO is moving up these days. i see a nice up-trend which increases the price every day.

there have been a lot of rumors about NEO lately, lots of them even contradictory to each other. they started linking NEO to China a lot and when things got hard over there about ICOs and all the exchanges closing, the NEO price tankes hard.
now they are trying to bring it back.

price seems to be recovering good though. it seems to be responding to the news and also the fact that NEO is a growing coin with lots of investors these days.

Thinking globally here, not just about the China ban.

Presumably they think they that the global securities regulators will not be able to get sufficiently organized to go after them. They also presume that if all the ICO investors end up making a profit, then the securities regulators will not bring an enforcement case.

Also they have offered to refund investors and they think that is another way to prevent investors from complaining to the regulators.

Also they may be hoping that their issuance is eventually classified as not being a security or grandfathered.

And they may be presuming that in a worst case scenario, they made so much profit that they can afford the best attorneys.

Given that the SEC has issued their first enforcement case (https://www.sec.gov/news/press-release/2017-185-0) which as I had expected (https://bitcointalk.org/index.php?topic=2208231.msg22233928#msg22233928), is a case of fraud where the investors are likely to have losses, it appears that enforcement against ICOs will first be focused on cases of fraud, obvious scams that have no real value, and on increased capital contols (https://bitcointalk.org/index.php?topic=2208231.msg22367771#msg22367771).

Thus it appears the ICO bubble will continue upwards for a while still, and perhaps more focused on projects that are not vaporware.

I still think in the end game, there will be a graveyard of ICO issued tokens that have no value.

It it is not clear to me if securities regulators will be bypassed by decentralized exchanges. I think in the case of a token that trades mostly spending on goods and services as opposed to trading between speculators (aka investors), it is quite unlikely that regulators would attempt to declare such P2P decentralized trading to be illegal even if the security had initially been issued as a security. Because the public will have demonstrated that the token is useful not as just a speculative investment.

Whether such a token would continue to be legal to trade on unregistered centralized exchanges (that obviously mostly cater to speculative investment), I'm less confident but it's a possibility.

I think it is important to emphasize that it implausible to issue a security which legally publicly trades between speculators all over the world (unless perhaps held initially for 3 years by the initial investors) even if registering or not registering the securities. This is because the nation-state securities regulations are not unified.

Thus ICO issuance is a sort of purgatory in the sense that there is no assurance of how it will end up. It could end up encumbering the tokens such that they are illegal to trade for investors who do itemized reporting of capital gains on tax returns (assuming regulators get coordinating with tax reporting). Yet I think due to the easy and extreme money to be made, participants are throwing caution aside.

What I would like to see and what I intend to do with my project is fundraising that is not issuing tokens as securities. So as to make it very clear that there won't be this purgatory hanging over the project ongoing.

I don't think neo can be exempted , this may be misinformation

As far as I know NEO wasn't banned in China, but if what you say is true and China has ceased to ban everything, it is good news)

All the china stuff last month was a massive troll.  They'll regulate it, allow exchanges to operate under a strict set of conditions and with some caveats it will be business as normal for the rest of us.  Very likely that all big chinese projects will pump as a consequence, NEO will likely be the largest benefactor.

Exactly, I've noticed more pumps with NEO than any other coin and I'm not sure how I feel about it. I'm a fan of the product and hold some my self but when I see it jump 30% over other coins in one night than plummet back down 30% it just isn't a good sign.

the regulators are just in conversation, but much in favour of Leo

LOL

All your going to get is more answers based on rumors...

Usually when rumours are true you see the impact on the market instantly as those with inside info buy/sell. The China rumours have been flying around all day but not seen much impact on market.

Since its rumor for now, I then don't see why reverence should be given to such and if you heard it from somewhere or read it, you should have equally put the reference as well so that it can be discussed. It has been said several times that the only thing China has banned is the ICOs which is even no longer a subject of discussion and for NEO, we need to get a clearer view on the situation of things before arriving at a conclusion.