ICO is officially banned in China !!!

[Thifruck]

https://medium.com/@crowdholding/china-ban-on-icos-not-all-doom-and-gloom-74daf814209c

Amazing article regarding China and ICO.

Everyone should read it.

[aeternus]

Oh my gosh! This is really shocking! I never really thought that this could ever happen to any country! Specially china where a lot of people loved crypto currencies! Plus all the rumors that cryptos are getting widely accepted in that country. Damn! Who would've thought? Well, maybe people there over did it and started abusing the things crypto currencies could do that's why the government needed to take action. I just hope there ain't no hidden agendas with this decision.

Of course there is a hidden agenda, I think the Chinese government is realizing that many people are taking their money out of china by using crypto and that they are using ICOs as a way to avoid paying their taxes, so the Chinese government is doing this to protect itself and not the investors.

[dreamhouse]

ICO should be banned here too. There are many newbie started ICOs, I really doubt who will give the money to these idiots.

[Maymun_lavigne]

bad news from china makes a lot of people frantically selling cryptocurrency assets , on that occasion, I took advantage of this good moment to buy cheap coins.
long before this news, china has never tried to reject Bitcoin circulating in china but see reality now. maybe the china government just wants to protect its citizens from Scam ICO.

[Liang Yao]

I managed to translate the joint statement into English word by word and tried my best to make it as close to the original meaning in Chinese as possible.

Please check it out at: https://medium.com/@YaoLiang/statement-on-prevention-of-risks-in-fundraising-through-token-offering-issued-by-seven-government-49d8cd8292f9

[exstasie]

ICO should be banned here too. There are many newbie started ICOs, I really doubt who will give the money to these idiots.

Why ban them outright? If you look at the Chinese regulations, they would have prohibited the Ethereum crowdsale outright. Say what you will about Ethereum, but it wasn't a scam, and the crowdsale used quite minimal funding (vs. today's ETH market capitalization) to make a truly innovative platform.

That's not to say there's any world-changing dapps at this point. But I don't think there's any comparison between the Ethereum ICO and scams, and I don't think such crowdfunding efforts should be banned outright.

I think the SEC is taking a better approach. A blanket ban just stifles innovation and sends innovators elsewhere, and deprives citizens of good investment opportunities. I suspect they are just issuing somewhat of a moratorium until they are able to pass more sensible regulations.

[niisarearning]

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.

Yes even i have feel the same now a days there is lots of scam ico is happening recently i participated in some scam ICO its too embarrassing its good move from china . At least there should be regulation if ICO developer records their name in government.

[squatter]

All currency issuing countries are afraid to loose their monopoly regarding money. They will watch how the blockchain universe grows and will do everything in their power, to keep it in check.

I think this has less to do with controlling blockchain technology, and more to do with cracking down on scams. Supposedly, the PBOC was looking into 60-odd ICOs before dropping this bomb on the industry. I think we all have to admit: while there is some legitimate innovation and potential behind some ICOs, and while they are a great avenue for crowdfunding... there are a lot of scams and snake oil out there.

Regulation was inevitable. I think this will end up being like "China banned Bitcoin" in 2014.

[Mimi Peri Rapunchelle]

I think no need to worry because china banned ico. Only china and american prohibits ico.more many other countries that permit ico.
And that news only affect the btc price for 2 days ,and now i see btc prices also have started to rise again

[Sadlife]

Funny how they accept bitcoin and traded it in their market now they're banning it? Seriously the Chinese central bank should really make up their mind they seem to be half asleep if you dont like bitcoin why build mining farms of it and mine with 50% hash power. China is considered the one of the strongest miner of bitcoin. Well it seems that not all government or business man their are a fan of bitcoin that's why now it is banned. Maybe the person behind the ban is an fiat investor lol

[newguy05]

Most of the traders and miners of bticoin in general cyripto currency have been mining by mostly Aisian communities. Chinese authorities trying to regulate this market but they also are not sure how possily they succesful on this. Immidiate reaction of this movement by the btc investors or miners were cause to prices go down a bit but let's wait for the second phase will it be positive or negative I am looking forward to get this information.

[dongosquad]

well, the news is quite appalling. after another big country, now China follows. many have linked the news to the issue of declining bitcoin prices.

[Bezobraznike]

well, the news is quite appalling. after another big country, now China follows. many have linked the news to the issue of declining bitcoin prices.

   I follow bitcoin price every day, and it is recovering as you can see it for yourself. You could also read that crypto market lost a lot
of billions in past days and that was the reason of the drop, you can inform yourself here on forum, and many other places.
   I do not wish to copy/paste someone, but comments that said that bitcoin was officially banned few times and look where it is now
reflect my opinion. Many people here are saying that and with truth we need to agree.

[gunhell16]

its such a good and bad side theres so much good investors and developer in china ... and yes there are so many freaud and scam .. but protecting them  into that ?? we all know that some chinese people are  involve in scamming too ...
but we are still lucky in bitcoin communtiy because as china close their doors to bitcoin .. russia and a one of the biggest bank in the woorld step up for crypto currency and it affect the market so good ..

[Bilbo Baggins]

Great decision from China, although bitcoin took a hit in the last couple of days, seems like the effect wasn't permanent and will help regulate ICO.

[machis]

Why do you think that happened in China?

[stompix]

Why do you think that happened in China?

Communist party, total control, party members or relatives that got scammed, idiots in charge of laws...or simply put... because it is China.
Respecting the laws in China is impossible and that's why nobody does. That's why nobody cares abut them 'banning" something for the x time last years.

Great decision from China, although bitcoin took a hit in the last couple of days, seems like the effect wasn't permanent and will help regulate ICO.

They don't want to regulate it.They just want to stop them.
And nobody with a brain will invest in an ICO accepted enforced and controlled by the government.

[Qunenin]

Why do you think that happened in China?

I think only scammed ICO are banned or how it will go about in the future. Steps will be taken to make sure Scam ICO cant be run in the first place and only legal ICO can run. This can be done by registering the ICO through some authority who will check the status and give the grantee that ICO is legal or maybe take some money as a backup so that no one cant even think of scam.
Need to be patient and see how things turn out in the future.

[aeternus]

well, the news is quite appalling. after another big country, now China follows. many have linked the news to the issue of declining bitcoin prices.

Bitcoin price is fine, if anything Ethereum should be the most affected by these news since many coins are based on that, bitcoin has nothing to fear, only a ban on cryptocurrencies will make the price of bitcoin go down permanently and even then bitcoin will survive.

[rocketbits]

I managed to translate the joint statement into English word by word and tried my best to make it as close to the original meaning in Chinese as possible.

Please check it out at: https://medium.com/@YaoLiang/statement-on-prevention-of-risks-in-fundraising-through-token-offering-issued-by-seven-government-49d8cd8292f9

A big applause to you dude! You really have done a great job there. Keep doing such work. I click the clap button but a dialog box appeared asking me to log in. Don't mind but I am a little bit introverts. BTW, I like the idea of clapping.
I respect China's decision as ICOs were causing disturbance in financial order. What can we say more than that.