China's central bank will soon regulate ICO's

[bbc.reporter]

Did China say how exactly they will start dealing with the situation? They will be in for a legal quagmire if they do not have a concrete solution on how to deal with the projects that will have an ICO. The foundation is in Switzerland, with all the complete legal paper work, the development team is somewhere else and is not financially involved except for working on the project, also legal, and the project itself is comprised of nodes located everywhere.

How is China going to stop that?

[criptix]

Did China say how exactly they will start dealing with the situation? They will be in for a legal quagmire if they do not have a concrete solution on how to deal with the projects that will have an ICO. The foundation is in Switzerland, with all the complete legal paper work, the development team is somewhere else and is not financially involved except for working on the project, also legal, and the project itself is comprised of nodes located everywhere.

How is China going to stop that?

i though a bit about it:

1. China would enforce some sort of ID-connected btc adress system/database for every single chinese citizien.
2. Chinese bitcoin exchange (the chinese exchange customers) can only send bitcoin to these adresses.
3. Chinese Banks (the chinese bank customers) can only send fiat to exchanges that agree to this kind of rules.


Of course that doesnt include the miners and OTC.

[Spoetnik]

Ask the guys behind ETH or Ripple what they think of this news..
Wasn't part of the selling points of both the "Big Banks" connection ?

I said in 2013 you can't do this shit with out links to FIAT.
And those links were never regulated way back but they will be in time.

Crypto as i see it is a replacement of sorts to FIAT.
It needs to be value transferred from FIAT to a coin like BTC.
That is just how it works guys.. like it or not.
So yeah ..they can regulate it.
And they will too !

Your loud little crypto-party going on is getting the neighbors calling the cops.

[Adelajda]

Crypto as i see it is a replacement of sorts to FIAT.
It needs to be value transferred from FIAT to a coin like BTC.
That is just how it works guys.. like it or not.
So yeah ..they can regulate it.

That is the fact and you have to acknowledge it and China could regulate the amount of money flowing out of their country into ICO projects and that is the best they can do to regulate the ICO flurry and it is high time that some countries try to bring some sort of regulation in this regard,but it might take some time to see those implementation.

[pigheadbig]

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.

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

In my opinion, what the Chinese central bank can do is restricting the ICO platforms in China. As we known, Cryptocummunity is self reliance community, they can't stop us from buying tokens form ICO websites in other countries. So, don't worry to much.

[bbc.reporter]

Did China say how exactly they will start dealing with the situation? They will be in for a legal quagmire if they do not have a concrete solution on how to deal with the projects that will have an ICO. The foundation is in Switzerland, with all the complete legal paper work, the development team is somewhere else and is not financially involved except for working on the project, also legal, and the project itself is comprised of nodes located everywhere.

How is China going to stop that?

i though a bit about it:

1. China would enforce some sort of ID-connected btc adress system/database for every single chinese citizien.
2. Chinese bitcoin exchange (the chinese exchange customers) can only send bitcoin to these adresses.
3. Chinese Banks (the chinese bank customers) can only send fiat to exchanges that agree to this kind of rules.


Of course that doesnt include the miners and OTC.

Ok. But what will stop the Chinese people from buying bitcoins on their own and store them in a wallet not connected with their ID? They can use TOR and VPN to access their new anonymous wallet and they can use Monero, Shapeshift and xmr.to to hide their transactions. It is very easy to circumvent the law these days using cryptocoins.

[Spoetnik]

Why do you keep saying "Stop" ?

I have for years been harping on you all that "regulate" does not mean "stop"
..and you guys never get it.

The traditional stock exchanges have regulations yet you can still trade for profits can't you ?

Anyway..
I'd guess like anything in China they would guard their borders and control their own people.
How should be rather evident.. look at similar situations.

And don't expect people to lay down in front of a tank either.. crypto profiteers are cowards.
Shady immoral deceitful people usually are.

Why am i forever permanently the ONLY smart one in all of crypto ?

[bbc.reporter]

@Spoetnik. Yes you are right. Crypto profiteers are cowards but it does not mean they will stop from trying to make any profit. They will still do it. If it means they need to break some laws, they will do it more discreetly.

In their own eyes they are not cowards but smart. The people who lay down in front of a tank are the stupid ones. I am sure you yourself will not do it.