Recently China has just banned the sale of ICO and they have term this as an illegal . Do you think its a huge risk you have taken to bring this ICO in India at this juncture if Govt here follows or they will follow a ban of ICO. Because their simple question will be who gave you authority to take money from others? How well are you prepared for it and if Govt says to refund the money to all the investors back are you up for it?
Sir, we're working on this project for over an year now. Indicoin has became an integral part of every team member involved.
As for taking money from others, we are not dealing with INR or any other fiat currency, we are asking for a contribution in digital currency for which India has no regulation up until now. If for a chance, it will be banned up until or during the ICO, investors will be repaid in full, But what we feel this is not the case for India because,
Why China is cracking down on cryptocurrencies is obvious. US and some other democracies are doing the biggest ICOs in the world. AND THEY ARE CONTINUING WITH IT in some kind of regulated manner. China is a communist country, cryptocurrencies will free people of China's economic hold, which it can't allow. Communism is very strict with having state control over important items. That's why China also has many censorship laws.
Chinese users used Bitcoins to invest in foreign markets, which is somewhat prohibited in China and is allowed only under special conditions. Also, China aims to launch a cryptocurrency built by state to replace its other currency. So ICOs run counter to what it believes is its exclusive right.
Vrd
(Community Admin -Indicoin)
Excellent explanation. Impressed by your macro knowledge.
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