Bitcoin Forum
November 24, 2017, 03:12:39 PM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: « 1 [2] 3 4 5 6 7 8 9 10 11 12 13 14 »  All
  Print  
Author Topic: ICO is officially banned in China !!!  (Read 8431 times)
Ucy
Sr. Member
****
Online Online

Activity: 322


View Profile
September 04, 2017, 09:13:47 AM
 #21

Dumb idea if this is true.  Why not ban the population from breathing air to protect them from bad air in some part of China.
 It's funny how those who criticises ICOs are busy promoting them here. Hypocrisy is a shameful thing .
By the way, Chinese people can still invest if they want to. Difficult to censor the Internet these days... It going to be more difficult in the future.
1511536359
Hero Member
*
Offline Offline

Posts: 1511536359

View Profile Personal Message (Offline)

Ignore
1511536359
Reply with quote  #2

1511536359
Report to moderator
Join ICO Now Coinlancer is Disrupting the Freelance marketplace!
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
FortySeven
Member
**
Offline Offline

Activity: 84


View Profile
September 04, 2017, 09:17:49 AM
 #22

Interesting how is this going to affect on-going ICOs and those that are planned for the nearest future. Really curious to read the full version of PBC decision in English, there definitely should be the ways to bypass the regulation.

Juggy777
Sr. Member
****
Offline Offline

Activity: 406



View Profile
September 04, 2017, 09:18:15 AM
 #23

Breaking news!

ICO is officially banned in China!

Here is the joint announcement from The People 's Bank of China, Central Network Office, Ministry of Industry and Information Technology, State Administration for Industry and Commerce, China Banking Regulatory Commission, SFC, CIRC: http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/3374222/index.html

-----------------------------

近期,国内通过发行代币形式包括首次代币发行(ICO)进行融资的活动大量涌现,投机炒作盛行,涉嫌从事非法金融活动,严重扰乱了经济金融秩序。为贯彻落实全国金融工作会议精神,保护投资者合法权益,防范化解金融风险,依据《中华人民共和国人民银行法》、《中华人民共和国商业银行法》、《中华人民共和国证券法》、《中华人民共和国网络安全法》、《中华人民共和国电信条例》、《非法金融机构和非法金融业务活动取缔办法》等法律法规,现将有关事项公告如下:

一、准确认识代币发行融资活动的本质属性
代币发行融资是指融资主体通过代币的违规发售、流通,向投资者筹集比特币、以太币等所谓“虚拟货币”,本质上是一种未经批准非法公开融资的行为,涉嫌非法发售代币票券、非法发行证券以及非法集资、金融诈骗、传销等违法犯罪活动。有关部门将密切监测有关动态,加强与司法部门和地方政府的工作协同,按照现行工作机制,严格执法,坚决治理市场乱象。发现涉嫌犯罪问题,将移送司法机关。
代币发行融资中使用的代币或“虚拟货币”不由货币当局发行,不具有法偿性与强制性等货币属性,不具有与货币等同的法律地位,不能也不应作为货币在市场上流通使用。

二、任何组织和个人不得非法从事代币发行融资活动
本公告发布之日起,各类代币发行融资活动应当立即停止。已完成代币发行融资的组织和个人应当做出清退等安排,合理保护投资者权益,妥善处置风险。有关部门将依法严肃查处拒不停止的代币发行融资活动以及已完成的代币发行融资项目中的违法违规行为。

三、加强代币融资交易平台的管理
本公告发布之日起,任何所谓的代币融资交易平台不得从事法定货币与代币、“虚拟货币”相互之间的兑换业务,不得买卖或作为中央对手方买卖代币或“虚拟货币”,不得为代币或“虚拟货币”提供定价、信息中介等服务。
对于存在违法违规问题的代币融资交易平台,金融管理部门将提请电信主管部门依法关闭其网站平台及移动APP,提请网信部门对移动APP在应用商店做下架处置,并提请工商管理部门依法吊销其营业执照。

四、各金融机构和非银行支付机构不得开展与代币发行融资交易相关的业务
各金融机构和非银行支付机构不得直接或间接为代币发行融资和“虚拟货币”提供账户开立、登记、交易、清算、结算等产品或服务,不得承保与代币和“虚拟货币”相关的保险业务或将代币和“虚拟货币”纳入保险责任范围。金融机构和非银行支付机构发现代币发行融资交易违法违规线索的,应当及时向有关部门报告。

五、社会公众应当高度警惕代币发行融资与交易的风险隐患
代币发行融资与交易存在多重风险,包括虚假资产风险、经营失败风险、投资炒作风险等,投资者须自行承担投资风险,希望广大投资者谨防上当受骗。
对各类使用“币”的名称开展的非法金融活动,社会公众应当强化风险防范意识和识别能力,及时举报相关违法违规线索。

六、充分发挥行业组织的自律作用
各类金融行业组织应当做好政策解读,督促会员单位自觉抵制与代币发行融资交易及“虚拟货币”相关的非法金融活动,远离市场乱象,加强投资者教育,共同维护正常的金融秩序。
China is jealous of Bitcoins and call it a coincidence that last time Bitcoin was on a stellar run, China suddenly decided to check it exchanges and that resulted in it's pricing dropping, I have a feeling that China top power people want to buy at low prices and that's why they try and stop it, why can't they learn they can't stop North Korea and can't stop Bitcoins. I don't think existing ico will be effected but new ones could.

BitDice[]               ▄▄███▄▄
           ▄▄██▀▀ ▄ ▀▀██▄▄
      ▄▄█ ▀▀  ▄▄█████▄▄  ▀▀ █▄▄
  ▄▄██▀▀     ▀▀ █████ ▀▀     ▀▀██▄▄
██▀▀ ▄▄██▀      ▀███▀      ▀██▄▄ ▀▀██
██  ████▄▄       ███       ▄▄████  ██
██  █▀▀████▄▄  ▄█████▄  ▄▄████▀▀█  ██
██  ▀     ▀▀▀███████████▀▀▀     ▀  ██
             ███████████
██  ▄     ▄▄▄███████████▄▄▄     ▄  ██
██  █▄▄████▀▀  ▀█████▀  ▀▀████▄▄█  ██
██  ████▀▀       ███       ▀▀████  ██
██▄▄ ▀▀██▄      ▄███▄      ▄██▀▀ ▄▄██
  ▀▀██▄▄     ▄▄ █████ ▄▄     ▄▄██▀▀
      ▀▀█ ▄▄  ▀▀█████▀▀  ▄▄ █▀▀
           ▀▀██▄▄ ▀ ▄▄██▀▀
               ▀▀███▀▀
        ▄▄███████▄▄
     ▄███████████████▄
    ████▀▀       ▀▀████
   ████▀           ▀████
   ████             ████
   ████ ▄▄▄▄▄▄▄▄▄▄▄ ████
▄█████████████████████████▄
██████████▀▀▀▀▀▀▀██████████
████                   ████
████                   ████
████                   ████
████                   ████
████                   ████
████▄                 ▄████
████████▄▄▄     ▄▄▄████████
  ▀▀▀█████████████████▀▀▀
        ▀▀▀█████▀▀▀
▄▄████████████████████████████████▄▄
██████████████████████████████████████
█████                            █████
█████                            █████
█████                            █████
█████                            █████
█████                     ▄▄▄▄▄▄▄▄▄▄
█████                   ▄█▀▀▀▀▀▀▀▀▀▀█▄
█████                   ██          ██
█████                   ██          ██
█████                   ██          ██
██████████████████▀▀███ ██          ██
 ████████████████▄  ▄██ ██          ██
   ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ ██          ██
             ██████████ ██          ██
           ▄███████████ ██████▀▀██████
          █████████████  ▀████▄▄████▀
[/]
squatter
Hero Member
*****
Offline Offline

Activity: 527


Crypto-News.net: News from Crypto World


View Profile
September 04, 2017, 09:25:56 AM
 #24

Interesting how is this going to affect on-going ICOs and those that are planned for the nearest future. Really curious to read the full version of PBC decision in English, there definitely should be the ways to bypass the regulation.

I would think that ICO organizers would add terms prohibiting participation from Chinese residents, similar to language we already see towards US residents. I'm curious about what happens with ICOs that have already happened. There is talk of repatriation of funds (at least according to Google translate). Does that mean that ICO organizers need to liquidate funds to pay back Chinese investors?



              ▄▄▄██████▄▄▄
          ▄██████████████████▄
       ▄████████████████████████▄
 ▄▄  ▄████████████████████████████▄
███████████████████████████████████▄
 ▀▀█████████████████████████████████▄
   ██████████████████████████████████
   ██████████████████████████████████
   ██████████████████████████████████
   ██████████████████████████████████
   ▀████████████████████████████████▀
    ▀██████████████████████████████▀
     ▀▀██████████████████████████▀
        ▀██████████████████████▀
           ▀▀▀████████████▀▀▀
.
.....
.....
.....
.....
.....
.....





marcnim
Jr. Member
*
Offline Offline

Activity: 32

B&B Journalist


View Profile WWW
September 04, 2017, 09:27:12 AM
 #25

ICO need some sort of regulation. 30 mil for a whitepaper and a crappy website is not enough...

Bitcoinblase
diguyo
Full Member
***
Offline Offline

Activity: 140


View Profile
September 04, 2017, 09:27:45 AM
 #26

Brief English explanation of the announcement: (I am not a good translator so correct me if necessary)

1. ICOs = illegal fundraising. Bitcoin and Ethereum are not currencies and should not be used as currencies in transactions.
2. No organizations and individuals are allowed to start ICOs, and ongoing ICOs should stop immediately with investments send back to investors.
3. (Important) No cryptocurrency exchanges are allowed to offer currency-to-"cryptocurrency" exchange any longer, a.k.a. e.g. no CNY-to-Bitcoin or Bitcoin-to-CNY exchange allowed.
4. Financial institutes that are not banks must not offer any related services.
5. Investors into ICOs must take full responsibility into their actions (that is to say, if you lose your assets through such "investment", no laws would protect you)
6. blah...

If this is accurate, point number 3 is a pretty big concern and will impact trading in China massively.

DAVETUN
Full Member
***
Online Online

Activity: 154



View Profile
September 04, 2017, 09:29:26 AM
 #27

Government all over the globe want to control the finacial market and there economy,with cryptocurrency thecnology governnent have little or no influence,this seems like a threat to the polity,this may be reasons why they will want to make rules to control the market

exstasie
Hero Member
*****
Offline Offline

Activity: 644


View Profile
September 04, 2017, 09:31:16 AM
 #28

Brief English explanation of the announcement: (I am not a good translator so correct me if necessary)

1. ICOs = illegal fundraising. Bitcoin and Ethereum are not currencies and should not be used as currencies in transactions.
2. No organizations and individuals are allowed to start ICOs, and ongoing ICOs should stop immediately with investments send back to investors.
3. (Important) No cryptocurrency exchanges are allowed to offer currency-to-"cryptocurrency" exchange any longer, a.k.a. e.g. no CNY-to-Bitcoin or Bitcoin-to-CNY exchange allowed.
4. Financial institutes that are not banks must not offer any related services.
5. Investors into ICOs must take full responsibility into their actions (that is to say, if you lose your assets through such "investment", no laws would protect you)
6. blah...

If this is accurate, point number 3 is a pretty big concern and will impact trading in China massively.

If anyone else can chime in regarding translation, please do. This is a massive development if so.

China's exchanges don't have quite the influence that they once had a year or two ago, but that would basically destroy the entire business model of Okcoin, Houbi and BTCC, among other exchanges.

Given that this seems geared towards ICOs, and I haven't heard anything from other people regarding fiat exchanges, I'm skeptical of Point #3 for now.

uslfd
Full Member
***
Offline Offline

Activity: 140



View Profile
September 04, 2017, 09:31:29 AM
 #29

Brief English explanation of the announcement: (I am not a good translator so correct me if necessary)

1. ICOs = illegal fundraising. Bitcoin and Ethereum are not currencies and should not be used as currencies in transactions.
2. No organizations and individuals are allowed to start ICOs, and ongoing ICOs should stop immediately with investments send back to investors.
3. (Important) No cryptocurrency exchanges are allowed to offer currency-to-"cryptocurrency" exchange any longer, a.k.a. e.g. no CNY-to-Bitcoin or Bitcoin-to-CNY exchange allowed.
4. Financial institutes that are not banks must not offer any related services.
5. Investors into ICOs must take full responsibility into their actions (that is to say, if you lose your assets through such "investment", no laws would protect you)
6. blah...

If this is accurate, point number 3 is a pretty big concern and will impact trading in China massively.

Yes this is accurate. see my translation also. no fiat to crypto, not even USD.
I posted a longer translation in #12

"From today onwards, so called exchange platforms are not allowed to participate in exchange of fiat vs tokens, fiat vs crypto. They are also not allowed to buy/ sell as a centralised participant. Not allowed to provide pricing or information as an intermediary.
Any platform against these rules will have their website, mobile apps shut down and license to operate revoked."

However the words tokens and crypto are a little bit ambiguous in Chinese.... we've yet to wait for any clarification but there might be no clarification at all..... so let's see.

FortySeven
Member
**
Offline Offline

Activity: 84


View Profile
September 04, 2017, 09:32:46 AM
 #30

Interesting how is this going to affect on-going ICOs and those that are planned for the nearest future. Really curious to read the full version of PBC decision in English, there definitely should be the ways to bypass the regulation.

I would think that ICO organizers would add terms prohibiting participation from Chinese residents, similar to language we already see towards US residents. I'm curious about what happens with ICOs that have already happened. There is talk of repatriation of funds (at least according to Google translate). Does that mean that ICO organizers need to liquidate funds to pay back Chinese investors?

In the majority of cases ICO fundraisers do not even know who exactly invested in the project. They might know ETH or BTC wallet number without having information if it belongs to a Chinese citizen or not. What should they do in this case...? In US you are not able to participate if your token is security token, in other cases you can, not clear yet if Chinese prohibition has something to do with that.

8270thNinja
Member
**
Offline Offline

Activity: 98

https://gexcrypto.io


View Profile
September 04, 2017, 09:36:27 AM
 #31

Agreed with this, since ICO is all about fundraising to support a business, which business means business needs to pay government taxes, and with this banning i hope other countries will follow to ban ico, this make the bitcoin community and bitcoin talk forum safe from fraudulent ICOs.

stupid_seb
Full Member
***
Offline Offline

Activity: 182


Yes i am!


View Profile
September 04, 2017, 09:36:51 AM
 #32

It's a bloodbath, time to buy the dip or jump the ship?

Anyone have any insights on this crash, it seems to be affecting the entire ecosystem.

ICO ban in china should positively affect BTC on the long run as coins will have to be present on exchanges to get acess to the Chinese Market.

Markets panic (a habit in China). The Alts on exchanges should see their price raise, not drop: they are post ICO.

Buy the dip (especially BINANCE BUT Except NEO)

Xenrise
Sr. Member
****
Offline Offline

Activity: 280


Crypterium - Digital Mobile Cryptobank For Everyon


View Profile
September 04, 2017, 09:43:04 AM
 #33

Some icos are somewhat not so good to rely on so Chinese people tried to ban icos for themselves. And as we all know that Chinese are all into business, I mean commonly known for business and if something ruins it,they will close it.



░░░░░░░░░░▄▄▄▄▄▄
░░░░░░▄███████████▄
░░░░▄██▀▀░░░░░░░░▀██▄
░░░██▀░░░▄▄▄▄▄▄░░░░▀██
░░██▀░░▄██▀▀▀▀▀░░▄▄
██▀░░██▀░░▄▄▄▄░░▀▀
██▀░░██░░▄██▀▀▀█▄
██░░██░░██▀
██░░▀▀░░██
██░░▄▄░░██
██░░██░░██▄
██▄░░██░░▀██▄▄▄█▀
██▄░░██▄░░▀▀▀▀░░▄▄
░░██▄░░▀██▄▄▄▄▄░░▀▀
░░░██▄░░░▀▀▀▀▀▀░░░░▄██
░░░░▀██▄▄░░░░░░░░▄██▀
░░░░░░▀███████████▀
░░░░░░░░░░▀▀▀▀▀▀


░░░░░░░░░░▄▄▄▄▄▄
░░░░░░▄███████████▄
░░░░▄██▀▀░░░░░░░░▀██▄
░░░██▀░░░▄▄▄▄▄▄░░░░▀██
░░██▀░░▄██▀▀▀▀▀░░▄▄
██▀░░██▀░░▄▄▄▄░░▀▀
██▀░░██░░▄██▀▀▀█▄
██░░██░░██▀
██░░▀▀░░██
██░░▄▄░░██
██░░██░░██▄
██▄░░██░░▀██▄▄▄█▀
██▄░░██▄░░▀▀▀▀░░▄▄
░░██▄░░▀██▄▄▄▄▄░░▀▀
░░░██▄░░░▀▀▀▀▀▀░░░░▄██
░░░░▀██▄▄░░░░░░░░▄██▀
░░░░░░▀███████████▀
░░░░░░░░░░▀▀▀▀▀▀

▀  Twitter
▀  Telegram
▀  Facebook
▀  ANN Thread
▀  Whitepaper
▀  Website
BillyBobZorton
Legendary
*
Offline Offline

Activity: 1022


MatrixCoin - Creating Bright Future Together


View Profile
September 04, 2017, 09:49:03 AM
 #34

Not surprised. The amount of scams happening on the ICOsphere where unbearable. It was meant to happen sooner or later. ETH holders can consider themselves lucky because for all I know, ETH ICO was as much of an scam as the next Chinese ICO. What was the difference anyway? Most ETH developers hold most of the coins.

What annoys me the most is the fact that Bitcoin is paying the price from other people's scams. Now the entire ecosystem is on a bear market, hopefully it's just a correction.


██████████.......█████......
████████████.....███████.....
███....█████.....███████.....
███....█████.....███████.....
████....██████...█████████....
██████......██████████...█████████....
█████......██████......████....██...█████████....
█████......██████......████....███.███████████...
█████......██████......████....███.███████████...
███...................█████████████████.███████████...
███..███..█████.......██████████.████████████.█████████..
███..█████.......██████████.████████████.█████████..
█████.......██████████.████████████.█████████..
██████......███...███████████...██████████.
██████......███...███████████...██████████.
██████......███...███████████...██████████.
██████......██.....█████████.....██████████
██████████.....█████████.....██████████
██████████.....█████████.....██████████
   
██
█  ██  █
█  ██  █
█  ██  █
█  ██  █
█  ██  █
█  ██  █
█  ██  █

█  ██  █

█  ██  █

█  ██  █

█  ██  █

██
   
██
█  ██  █
█  ██  █
█  ██  █
█  ██  █
█  ██  █
█  ██  █
█  ██  █

█  ██  █

█  ██  █

█  ██  █

█  ██  █

██
   
➤  TWITTER
➤  FACEBOOK
➤  INSTAGRAM
exstasie
Hero Member
*****
Offline Offline

Activity: 644


View Profile
September 04, 2017, 09:49:50 AM
 #35

Brief English explanation of the announcement: (I am not a good translator so correct me if necessary)

1. ICOs = illegal fundraising. Bitcoin and Ethereum are not currencies and should not be used as currencies in transactions.
2. No organizations and individuals are allowed to start ICOs, and ongoing ICOs should stop immediately with investments send back to investors.
3. (Important) No cryptocurrency exchanges are allowed to offer currency-to-"cryptocurrency" exchange any longer, a.k.a. e.g. no CNY-to-Bitcoin or Bitcoin-to-CNY exchange allowed.
4. Financial institutes that are not banks must not offer any related services.
5. Investors into ICOs must take full responsibility into their actions (that is to say, if you lose your assets through such "investment", no laws would protect you)
6. blah...

If this is accurate, point number 3 is a pretty big concern and will impact trading in China massively.

Yes this is accurate. see my translation also. no fiat to crypto, not even USD.
I posted a longer translation in #12

@cnLedger, a popular source for Chinese cryptocurrency and Bitcoin news, made this clarification just now:

Quote
5/ To clarify, in the notice PBoC used two different notions: Crypto-Currency (BTC, ETH) and Tokens. ICO ban =/= Crypto-Currency ban.
https://twitter.com/cnLedger/status/904638606857330688

It sounds to me like this is aimed strictly at ICOs, not cryptocurrencies. But naturally, this is a developing story and I don't think anyone has a full grasp on the ruling. Also, the PBOC changes their mind all the time...

blockcha1n
Full Member
***
Offline Offline

Activity: 182



View Profile
September 04, 2017, 09:51:28 AM
 #36

Well, it's a bloody Monday but let's see how things settle in the next week. As of now the ETH price didn't drop as hard as I would have expected it given the sensational news. Maybe because US is fairly asleep?

YOLOdice.comFast 1% Edge Dice GameJackpotsRakebackPlay / Earn / Invest
Sign up, level-up, win, join the growing community!

━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━
8270thNinja
Member
**
Offline Offline

Activity: 98

https://gexcrypto.io


View Profile
September 04, 2017, 09:56:41 AM
 #37

They will surely save BTC and ETH , I've just remembered their Mining facilities, with this law/announcement/policy of china towards ICO will surely leave a positive remark to BTC's progress specially in China and also we will see the growth of BTC in general.

kassimo
Newbie
*
Offline Offline

Activity: 4


View Profile
September 04, 2017, 09:58:07 AM
 #38

Brief English explanation of the announcement: (I am not a good translator so correct me if necessary)

1. ICOs = illegal fundraising. Bitcoin and Ethereum are not currencies and should not be used as currencies in transactions.
2. No organizations and individuals are allowed to start ICOs, and ongoing ICOs should stop immediately with investments send back to investors.
3. (Important) No cryptocurrency exchanges are allowed to offer currency-to-"cryptocurrency" exchange any longer, a.k.a. e.g. no CNY-to-Bitcoin or Bitcoin-to-CNY exchange allowed.
4. Financial institutes that are not banks must not offer any related services.
5. Investors into ICOs must take full responsibility into their actions (that is to say, if you lose your assets through such "investment", no laws would protect you)
6. blah...

If this is accurate, point number 3 is a pretty big concern and will impact trading in China massively.

Yes this is accurate. see my translation also. no fiat to crypto, not even USD.
I posted a longer translation in #12

@cnLedger, a popular source for Chinese cryptocurrency and Bitcoin news, made this clarification just now:

Quote
5/ To clarify, in the notice PBoC used two different notions: Crypto-Currency (BTC, ETH) and Tokens. ICO ban =/= Crypto-Currency ban.
https://twitter.com/cnLedger/status/904638606857330688

It sounds to me like this is aimed strictly at ICOs, not cryptocurrencies. But naturally, this is a developing story and I don't think anyone has a full grasp on the ruling. Also, the PBOC changes their mind all the time...

Just as an additional highlight, from 3:
任何所谓的代币融资交易平台不得从事法定货币与代币、“虚拟货币”相互之间的兑换业务
法定货币 means literally "Legal currencies", 代币 means Tokens and “虚拟货币” means cryptocurrencies
So... exchange between fiat and tokens OR cryptocurrencies are officially banned. Even if the cryptocurrencies themselves are not banned, such action serves a great blow nevertheless.

OOOPS.
Just reviewed the original line:
代币融资交易平台 = Token financing and exchange platforms
I am not sure if exchanges such as OKCoin are considered a major "Token" exchange platform (instead of Cryptocurrency exchange platform). So I am not quite sure about the wording now...
noodle_dam
Hero Member
*****
Offline Offline

Activity: 523



View Profile
September 04, 2017, 10:00:40 AM
 #39

This greatly affects NEO as well, I think China just shoot themselves into the foot with this one. They could have lead the way to a better crypto world. Sure, regulate, inspect, improve, be cautious...but ban??

pedrog
Legendary
*
Offline Offline

Activity: 1624



View Profile
September 04, 2017, 10:00:49 AM
 #40

RIP $NEO, and other Chinese ICOs...

Is there a list of Chinese ICOs?

Pages: « 1 [2] 3 4 5 6 7 8 9 10 11 12 13 14 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!