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Author Topic: ICO is officially banned in China !!!  (Read 8434 times)
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September 04, 2017, 03:05:47 PM
 #81

The Chinese banned most access to the internet to via their firewalls and the people still access these sites. Agreed, the ICO's

is becoming a problem and proper regulation would have been the best solution, but as usual the Chinese government over

reacted and they ban something before they did their homework. Prepare for a much cheaper Bitcoin now, the market will

also over react now.  Angry

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September 04, 2017, 03:20:42 PM
 #82

Yes, PBOC already banned ICOs project and all funds should be returned to investors, it is a doom for many project in China obviously.
But, I think people in China should be able to invest on some ICO projects as long as its operated outside the country which many companies have done it. PBOC will not know about ethereum or bitcoin being transferred to buy some tokens from several ICOs.
The People’s Bank of China (PBOC) has ordered the cessation of all initial coin offerings (ICOs) in China, mandating that active ICOs must return funds to investors. The announcements confirm rumors originating from Chinese media outlet Caixin that the PBOC had decided to initiate a crackdown on initial coin offerings operating in China.
https://news.bitcoin.com/chinas-central-bank-deems-icos-illegal-refunds-mandated/



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September 04, 2017, 03:20:57 PM
 #83

this shouldn't be a big problem with bitcoin et al. ICOs will be regulated in the end in every country.

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September 04, 2017, 03:33:45 PM
 #84

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...

Well, I'm afraid for the bitcoin future and other crytocurrencies as well.
China is the second latest country in the world with the highest number of investors in cryptocurrency.
If china bans ICOs, bitcoin to CNY and CNY to bitcoin exchange, it is like China is in war with cryptocurrency.
And if china is in war with cryptocurrency then we gonna have serious problem. Sad

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September 04, 2017, 03:41:04 PM
 #85

I don't understand anything except the fact that ICO is bamned in China.
But... Why? I think ICO is promising, a good place to invest and also something that give us opportunity to earn eth.
Do China goverment think ico is a threat?
And do they banned bitcoin as well? Or just ico?
However i feel sad to the bitcoin lovers in China. It must be hard for them, also the developers there.

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September 04, 2017, 03:41:25 PM
 #86

Very bad politics, this is very detrimental to China. ICO is a legitimate transaction if the case continues, I am afraid Bitcoin will continue to fall.
Hopefully this week will be finished soon.


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September 04, 2017, 03:49:25 PM
 #87

Interesting to watch!

​ICOs will be the first test if China is capable of banning anything crypto, they are mostly not decentralized

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September 04, 2017, 03:58:47 PM
 #88

Don't have any problem with the Chinese banning the IPOs. From what I can see, 90% of the recent ICOs are either overpriced, or outright ponzis and scams. As long as the Chinese are not banning Bitcoin or the established altcoins such as Ethereum, Bitcoin Cash, and Litecoin, I am not complaining. And I heard that the American authorities are also about to ban the ICOs there.

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September 04, 2017, 04:08:25 PM
 #89

RIP $NEO, and other Chinese ICOs...

Is there a list of Chinese ICOs?

Most impacted were the largest ICO tokens, Qtum and OmiseGo
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September 04, 2017, 04:11:43 PM
 #90

I think it's a policy of the Chinese government to protect the citizens from fraud with the ICO. As we know there is many ICOs became a fraud, and China's acting quickly to make regulations on it. Nothing bad can happen if every ICO developer records their name on the official government list to become a legal company. CMIIW.



I strongly agree with you saying, this is the policy of a country. I think this has an impact for btc decline.

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September 04, 2017, 04:37:17 PM
 #91

Don't have any problem with the Chinese banning the IPOs. From what I can see, 90% of the recent ICOs are either overpriced, or outright ponzis and scams. As long as the Chinese are not banning Bitcoin or the established altcoins such as Ethereum, Bitcoin Cash, and Litecoin, I am not complaining. And I heard that the American authorities are also about to ban the ICOs there.
I think as well that China is only the first country that bans ICO. Other will follow.
The problem is that those coins brought a lot of money into crypto.
They will not do that anymore in the near future.
But I have heared as well that this ban will not take for ever.
China wants to have some basic rules the ICOs must apply to. Once those rules are set up ICOs will be reopened.

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September 04, 2017, 04:37:45 PM
 #92

The Chinese banned most access to the internet to via their firewalls and the people still access these sites. Agreed, the ICO's

is becoming a problem and proper regulation would have been the best solution, but as usual the Chinese government over

reacted and they ban something before they did their homework. Prepare for a much cheaper Bitcoin now, the market will

also over react now.  Angry

Thanks for notify, current situation of the market is in shock after PBOC announced ban ICO.
I agree not only altcoins but this also affect bitcoin price, maybe bitcoin could persist at $4000 levels.
The good news is; most coins in the market on bloodbath, red everywhere which mean it's discount time.
Don't worry about it, just buy more cheaper coins and prepare for the upcoming profits when the prices recover and rise again.

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September 04, 2017, 04:47:12 PM
 #93

What kind of participation/impact does China have on ICOs right now? Not sure if that's a fair question, but on average, what % of investors of an ICO are coming from China?
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September 04, 2017, 04:51:15 PM
 #94

Quote from: olushakes link=topic=2148605.msg21492749#msg21492749 date12769
This is bound to happen but Op would have done a better job by translating it before posting as this will save the stress of having to go through Google translation before being able to read but at the same time what the Chinese government wants is regulation in which they want it to be routed through them but that is not a problem but the problem is how exactly do they want to stop it?.
Yeah I'm not clicking on that link, but I believe the story since there
are multiple threads on this.  Didn't care when the US ctacked down and I
sure as hell don't care about China doing it.  It's worse for them, as they're
heavily involved in crypto and likely ICOs as well.  Interesting.
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September 04, 2017, 04:52:00 PM
 #95

As I already wrote in another topic, I believe that this ban is just a temporary decision. Here's why:
1) There are lots of fraud activities in cryptocurrency at this moment and to be able to protect people from this fraud government should decide how to regulate this new industry.
Cryptocurrency industry scaling speed is way too fast at the moment and demands fast decisions.
On the other hand, China doesn't want to make fast decisions concerning market on which they really want to be a leader.
So this is just a "STOP, THINK, DECIDE" measure being implemented;
2) I think China also understands, that there is no way to be a leader on such digitalized and decentralized market with forbidding everything strategy.
On the contrary, as a government you have to make comfortable conditions including smart regulation measures for your industry leaders to be able to drive this market on local level, especially when your country is a huge part of it.

From my point of view these 2 reasons are enough to make a conclusion that this is a preventive measure and after China will decide what to do they will reform this ban into something much more flexible.
The problem is that by that time this measure will cause some damage and I'm hoping for some official statements in order to stabilize situation, at least I hope there are some industry lobbies in China.
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September 04, 2017, 05:02:40 PM
 #96

I think the main reason why china banned ICO in their country because lately many ICOs are fraud and scam i think they only do that in order to protect their citizen and their money. It is a good thing that their government is fast action but sadly not all ICOs are fraud there are still good and profitable icos out there.

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September 04, 2017, 05:06:10 PM
 #97

I do not understand why the government in China is so worried about bitcoin. and I'm a bad thing for bitcoin .

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September 04, 2017, 05:18:18 PM
 #98

I believe the idea of holding a token sale become too easy for anyone that wanted to try this out and needed some regulations, and I think one of the reasons this ban has been imposed is because token sales became more like a pyramid scheme for weak projects leaving long term investors at a guaranteed loss...its unfortunate ICO's have being classified as illegal fund-raising/financial fraud hope we can see a favorable environment for future  virtual currencies to coexist with fiat.

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September 04, 2017, 05:30:45 PM
 #99

Don't believe in Chinese regulations and no offence about it at all. I live in different country and my country has allowed me and given rights to invest in ICO or any kind of virtual world on my own risk. That is what I want from my government and I'm thankful to them.


It's China's negative side that they are banning something very futuristic and they will just loose lots of assets over it. Thus will increase the flood of investment from other countries and their economy will be more brighter as compared to China. Hopefully that's the assumption as per economist perspective. Peace to China and rest of the world in investing the way they want. ;-)




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September 04, 2017, 06:03:31 PM
 #100

99% of these ICOs are cancer, and people advertising them are greedy idiots. Nice going China, time for EU, Japan and Russia to follow and shut down the bullshit sales (e.g. Bancor, StorJ, Civx, etc.).

Loving this part.


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