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Author Topic: China's central bank will soon regulate ICO's  (Read 1612 times)
tyz (OP)
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June 04, 2017, 04:26:38 PM
 #1

Probably less money will flow into ICO's in the future.

Chinese publication Weixin reports that Yao Qian, head of Digital Currency Research Institute at PBoC, has stated that the PBoC will soon regulate ICOs.

Quote
Yao Qian, head of Digital Currency Research Institute at PBoC: Bitcoin does not fulfil the criteria of a currency; will soon regulate ICOs
On Twitter

The news comes at a time where ICOs are extremely popular, gathering millions of dollars every week and amassing higher and higher market caps.

Most recently, the Basic Attention Token (BAT) ICO, gathered $30million in a matter of seconds, while the Aragon project gathered $20million in roughly 15 minutes. The MobileGo ICO gathered over $53 million in the course of its month-long ICO.

Source
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June 04, 2017, 04:40:35 PM
 #2

That's the work of banking industry, they always seek money , where they can get money they will come. COntroling is one of instrument with government to drag income. Why they not support ne start up to grow. Cryptocummunity is self reliance community. even there is no banking they can make living. When the community grow then they come. There will be breadcrumbs.
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June 04, 2017, 07:35:24 PM
 #3

ICO's will start popping one way or another. There is simply not enough money for everyone and their grandmothers.
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June 04, 2017, 08:28:40 PM
 #4

I think they just want to take the chance of the many ico that are present and popping up in the world of crypto, maybe this is one of their reasons for managing the finances of all the Atcoin they benefit from all angles.

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June 04, 2017, 08:47:23 PM
 #5

does china play any role in the ico scene at all? all they can do is try to restrict their citizens. they'll probably find a way anyway.

whatever they get up to, ico days are numbered. there's too much money flying around for it to go unnoticed.
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June 04, 2017, 11:35:49 PM
 #6

How will the pboc be able to do that?
They would need to do it through a bitcoin restriction and we know that doesnt work.

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June 05, 2017, 03:59:23 AM
 #7

How will the pboc be able to do that?
They would need to do it through a bitcoin restriction and we know that doesnt work.

They probably can only stop all ICOs launched in China and force identity proof for all exchange transactions. Honestly, everybody knows one way or the other to trade outside.
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June 05, 2017, 05:51:48 AM
 #8

that is the weirdest news i have heard about China so far and when thinking about all the nonsense that crypto-related news sites publish i am not surprised and will assume it is false information until proven otherwise.

usually countries are not so happy about things like ICO and they won't certainly regulate them specially when cryptocurrencies themselves are not regulated!!!

it is like saying using a car is illegal but we are going to regulate using the steering wheel!

Weak hands have been complaining about missing out ever since bitcoin was $1 and never buy the dip.
Whales are those who keep buying the dip.
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June 05, 2017, 06:03:46 AM
 #9

How will the pboc be able to do that?
They would need to do it through a bitcoin restriction and we know that doesnt work.

They probably can only stop all ICOs launched in China and force identity proof for all exchange transactions. Honestly, everybody knows one way or the other to trade outside.

that will be restricting the Chinese to join on the ico. But most of the ico based in the western that means the ico will be prohibited for the chinese. and i think this will be the same case with what already did by SEC. to prevent his civilians to take more risk invest on ico.

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June 05, 2017, 06:26:54 AM
 #10

i think you'll find all the ICOs from this community are illegal in most parts of the world, just been under the regulators radar in most., it'll hit the fan soon enough  Kiss
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June 05, 2017, 06:42:19 AM
 #11

does china play any role in the ico scene at all? all they can do is try to restrict their citizens. they'll probably find a way anyway.

whatever they get up to, ico days are numbered. there's too much money flying around for it to go unnoticed.

I kind of agree i think.

The money puts pressure on the regulation authorities eventually.
Crypto has always been straight forward and obvious for the most part.
It's really all just about common sense.

When you look around and you see a massive amount of unregulated money flying around it has to stop.
Or at least have massive restrictions / consequences.
I have been saying for years this would not fly under the radar forever..
And the first steps were the US & CAN govt's implementing tax guidelines
Then exchanges started with the KYC / AML stuff.

BEFORE THAT ..i had EVERY ONE in crypto mouthing me off and laughing loudly that they couldn't do exactly that.

..and they did.

I called it and predicted and seen it coming from day one.
Because ..it's common sense.

Bottom Line:
Crypto is nothing but a massive digital pyramid scheme infrastructure.
People make half ass fleeting attempts to *pretend* to care about currencies etc.
But at the end of the day everyone here simply counts their ROI's.

The point is currencies.
The point is adoption.

..not profits.
BUT ..all you ever hear about is ?

So you all can say anything you want but it's a moot point.
This is a giant ponzi from hell type of thing.
It's simply an endless series of variants of a digital pyramid scheme token.
It's always reminded me of the old water filter scam pyramid schemes.

This isn't the stock market guys and these are not businesses.
They are currencies and they are *suppose* to be open source and non corporate.
The very idea of an ICO in crypto is the exact opposite of what this shit was started for and was suppose to be about.

ALL ICO's piss all over the ideology of crypto.

Crypto has changed and is now a facade.
Just a giant charade fer teh ROI's.
So when criminals and immoral greedy piglets act like idiots en mass yeah the cops are comin'

Buying ICO "coins" for profit ?
Why the fuck would i do that ? ..never have and never will.
I came to support launching an open source digital currency and that has NOTHING to do with it.
Those of you that don't support that ideology should GTFO out of my scene.
You contribute nothing and are a cancer to crypto.
Want money ? get a fucking job kidiot Investards.. McDonalds is hiring.

This was never suppose to be about 3rd world country mush mouth foreigners using teh profits coinz on teh exchangers so they can buy their first pair of shoes (shoe ownership is a big thing i hear there)

Want to pretend you are playing in the stock market Investards ?
Then buckle up for some regulations.

Don't like my comment ?
Go write a "white paper" about it !
Contact your currencies CTFO on which dept of crypto advisers should do it.
Your crypto CEO should give you the companies correct dept info and who to bill etc.

FUD first & ask questions later™
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June 05, 2017, 06:49:16 AM
 #12

A lot of altcoins are dead or not pumping. Most of good altcoin are not cheaper anymore. So no more good source of income. That's why a lot of investors are seeking for good source of income. And that's ICO. Again, PBoC wants to regulate ICO. I don't think they will be successful on that. Look what happens to bitcoin? Its still going up.
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June 05, 2017, 07:07:04 AM
 #13

Probably less money will flow into ICO's in the future.

Chinese publication Weixin reports that Yao Qian, head of Digital Currency Research Institute at PBoC, has stated that the PBoC will soon regulate ICOs.

Quote
Yao Qian, head of Digital Currency Research Institute at PBoC: Bitcoin does not fulfil the criteria of a currency; will soon regulate ICOs
On Twitter

The news comes at a time where ICOs are extremely popular, gathering millions of dollars every week and amassing higher and higher market caps.

Most recently, the Basic Attention Token (BAT) ICO, gathered $30million in a matter of seconds, while the Aragon project gathered $20million in roughly 15 minutes. The MobileGo ICO gathered over $53 million in the course of its month-long ICO.

Source
Since this guys ( peoples bank of china) has lost control over bitcoin to bitcoin's acceptability worldwide, they have shift their swords to ICO project! In my opinion government should remove their hands for market forces to determine it values and regulations.
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June 05, 2017, 06:11:12 PM
 #14

We expect this since new ICO are coming in every month and they are making millions of dollars with the project they present and i expected some sort of regulation coming up,but how come a regulation from a single country will affect the entire system is to be noted, as they might restrict the people from China ,other than that i wont find any difference.

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Anzylon
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June 05, 2017, 07:01:23 PM
 #15

Probably less money will flow into ICO's in the future.

Chinese publication Weixin reports that Yao Qian, head of Digital Currency Research Institute at PBoC, has stated that the PBoC will soon regulate ICOs.

Quote
Yao Qian, head of Digital Currency Research Institute at PBoC: Bitcoin does not fulfil the criteria of a currency; will soon regulate ICOs
On Twitter

The news comes at a time where ICOs are extremely popular, gathering millions of dollars every week and amassing higher and higher market caps.

Most recently, the Basic Attention Token (BAT) ICO, gathered $30million in a matter of seconds, while the Aragon project gathered $20million in roughly 15 minutes. The MobileGo ICO gathered over $53 million in the course of its month-long ICO.

Source

Actually I think it would be a great change for crypto traders, less money on ICO's = more money in current alts, current cryptocurrencies will be much more stable then before.
Traders would have less choices to invest, no more money wasting into ICO's, most successful crypto's are always those who got supported from community and not big fishes, I think there will be no new crypto that would lead world payments except BTC,XRP or ETH, even if this happens it would be due to massive community requests. 85% of ICO's aim to make global payments network but I think none of them will succeed, all of them are gold diggers  Undecided

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June 05, 2017, 08:01:59 PM
 #16

We expect this since new ICO are coming in every month and they are making millions of dollars with the project they present and i expected some sort of regulation coming up,but how come a regulation from a single country will affect the entire system is to be noted, as they might restrict the people from China ,other than that i wont find any difference.

Exactly since they are having a lot of Bitcoin miners in china I guess they are just trying to get some control over the Alts since a lot of people might be miningbtyen in china too. For me I have no problem with that except for when it is intended to bring centralization.
tyz (OP)
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June 05, 2017, 08:15:17 PM
 #17

Bitcoin is very popular in China. In fact, Chinese Bitcoin investors are driving the Bitcoin bull market. Why shouldn't in China be a big number of ICO investors as well?

does china play any role in the ico scene at all? all they can do is try to restrict their citizens. they'll probably find a way anyway.

whatever they get up to, ico days are numbered. there's too much money flying around for it to go unnoticed.
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June 05, 2017, 08:45:54 PM
 #18

Complete waste of time. Chinese government has been looking for a way to regulate cryptocurrency I bet they will never figure it out.  Now they want to regulate ICO? Lol

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June 05, 2017, 08:54:57 PM
 #19

Some people just continue to rejoice in something impossible to do. Its high time the Chinese needs to understand that bitcoin has outgrown whatever grip they have on it that what ever they do from their end will send a spike to the price of bitcoin. If they want to regulate they should go ahead but they should be sure to know that they can only do that for those who intend to use sites hosted in their countries and there are several who don't even care whether China exists or not.
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June 05, 2017, 09:55:05 PM
 #20

Bitcoin is very popular in China. In fact, Chinese Bitcoin investors are driving the Bitcoin bull market. Why shouldn't in China be a big number of ICO investors as well?

does china play any role in the ico scene at all? all they can do is try to restrict their citizens. they'll probably find a way anyway.

whatever they get up to, ico days are numbered. there's too much money flying around for it to go unnoticed.

It easy for Chinese bitcoin investors to driving the bull in their country whether it goes up or decline again, because it depend on trading volume. People always a way to trade outside the country if they prohibit such kind  activities, like they did with 3 biggest exchanges in China. But, the most interesting part is, how they gonna stop ico? If the crowdfunding process going through a wallet (ex: blockchain or eth wallet) which is not an exchange.
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