Meh- this is the same as the many Bitcoin bans- they are going
to investigate 60 ICO platforms - regulate and then ICOs will be back on the table..
China just wants to get their hands around the space..
ICOs will be back - china has already started down the path..
The identity/Law chains and working with OnChain and more
Recently NEO- there has been too much done already for a 180.
They are just securing the ramps here imo.
What will emerge will be "sanctioned" ICOs done in a specific way
In other words China is about to go big ICOs imo
There is so much money being raised in China ATM
This is China bans Bitcoin all over again - and we all know how that turned out
What's in it for the Chinese government? 99% of ICOs will turn out to be worthless shite even if they're legitimised. Any country that shuts down its stock market won't be well disposed to let something as empty as ICOs flourish.
I think that the Chinese, +
want to regulate out the 99% but are very serious about supporting the 1-5% that will bring (keep) wealth into the country
They know their country has a proclivity towards gambling....
China wants growth- and wants success - I do not believe they will close the ICO door forever- they will create a set of regulations to safeguard their own interests and "protect" citizens.
Smart contracts- intelligent ones, of all types - are coming- we know it, they know it - there is no stopping it.. it is just a matter of when and how.
IPO's ICO's will be carried out in the future by digital smart contracts... I cannot see any reason or way to stop this? everything is going to become more and more digitised and interconnected....and the AI's will be taking apart in smart contract execution and arbitration - in many many fields...
I cannot see the financial industry being left out...and I cannot see ICO's being singled out for not being dragged into the 21st century along with everything else...
I cannot see China standing in the way of it either- in fact I wonder if they are more leaning towards positioning themselves at the front of it, and early.
I do not think they want to hinder themselves going forward, nor legitimate Chinese companies.
I think they are banning them now- and will in the future set out a framework for how these can legally operate -timescale unknown.
There are too many connected players and big money in China that have been involved in this space (smart contracts,blockchain) and a lot of work being done- I don't believe they are going to go through the whole process of working with the government setting up systems and framework to digitise assets (projects like LawChain & Identitychain) and then not at some point also not allow fundraising via smart contracts.
This is reactionary authoritative China at its best...
I expect them to comedown on this hard- set out regulations - and there will be some companies that just so happen to miraculously and with such foresight ...almost psychic , just happen to have the exact platforms set up exactly the right way that they have massive advantage over the rest of the market... such companies already exist ... and they are already in position IMO- and this ruling comes as zero shock to them- nor their backers - their friends (and fellow investors) in government told them it was coming.
Everyone is ready....
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doooooooom etc etc /s
