ICO is officially banned in China !!!

[Pejoh Asu]

I think this is not a strange thing, although china banned bitcoin I think it will not have much effect for cryptocurrency. everything will be fine because many countries are not ready for accept cryptocurrency.

[1715012221]

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[1715012221]

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[machis]

I think that despite the ban, people will still be interested in this topic

[bustomi]

I don't understand Chinese language, so i think the point is it will affect global markets and recently i hear that btc exchangers also get banned there...

[BartS]

It was a matter of time, in fact I’m a little surprised that this did not happen before, maybe the Chinese are very busy on something else, even some member of the forum were asking for solutions about a way to stop or at least reduce the number of scam icos appearing in the forum and it seems that the Chinese government is going to help with that, since less money is going to flow to icos.

[DoublerHunter]

I don't understand Chinese language, so i think the point is it will affect global markets and recently i hear that btc exchangers also get banned there...

I don't think that it is a legit news that the exchanger are banned in China because if that is true then there will be a huge price fall in bitcoin and the market of almost all the coins including altcoins will just drop in price with a very huge dip and that will confirm the news but as we can see there is no huge dump in the market so i think everything was just adjusting their self with a new policy in china.

[datodota002]

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

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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。

it will affect to global crypto currency market, but we dont know will another country follow the china regulation or not.

i hope not. but we have to prepare guys.

[Sadnu]

More news. Just yesterday the announcement was issued by the Chinese regime to stop all Chinese exchangers. So this is now the reason why the price of bitcoins is falling.

It is also a good thing because it comes from people who manipulate the prices of altcoins and bitcoins. Give us a break in the market. And gradually it will rise

[Caladonian]

It was a matter of time, in fact I’m a little surprised that this did not happen before, maybe the Chinese are very busy on something else, even some member of the forum were asking for solutions about a way to stop or at least reduce the number of scam icos appearing in the forum and it seems that the Chinese government is going to help with that, since less money is going to flow to icos.

yeah they only care about their people and for sure they will manage to regulate some solutions with this concerned as I personally wanted
to see how they will interfere with the crypto currency market and how they can stop those scammers to keep enjoying with scamming their
people, it will affect the market but for sure true believers will find a way survive with this situations.

[Phillionex Project]

I really cant see the rationale behind this move..but then anything is possible in china..its crazy though..does not make sense

[Tszunami98]

I am not sure what to think nowadays, there are so many news about China and their ICO ban or exchanges ban that i really dont know what is true and what is not. I dont really need to stress myself over this because it really doesent affect me in any way but at least i am training myself at filtering the fake news from the real ones.
I will let a picture here and you can take what you want from it:

[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

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.

Thanks for your nice comments. I will keep doing this because I think it is important for non-Chinese speakers to read the source of the news, the authentic document issued by the China authority (word by word) so that you can understand what exactly the Chinese government said. It is weird that people are commenting on something that they never had the chance to read...

[tyuner4]

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.

Thanks for your nice comments. I will keep doing this because I think it is important for non-Chinese speakers to read the source of the news, the authentic document issued by the China authority (word by word) so that you can understand what exactly the Chinese government said. It is weird that people are commenting on something that they never had the chance to read...

Thank you for translating to allow non-Chinese to understand what is going on.

From my understanding, China government is banning ICO and Fiat to Crypto Exchange. Is my understanding correct? Does this mean Crypto to Crypto exchange is safe?

[Zeke_23]

as I speak with my friends who usually read articles about news about bitcoin like this.
they say that last 2015 and 2016, china also banned ico ang bitcoin in their country, but unfortunately they bring it back. then the price of bitcoin increases amazingly.
then this year it also happen again and ethereum also included. and they think history will happen again.
correct me if im wrong.

[btcdiggingmaster]

I think many news seems to be that they are banning because they want to form regulation for ICO. We have to wait and see how they will treat ICO in future. I think we have to wait and see how their rules will going to be in coming days.

[Howell]

ICOs for now are illegal fundraising because actually there are no regulations but as soon as they are able to regulate it, it will cease to be illegal. That is exactly how anything beyond the control of any government is looked at!

[Akash1243]

Yeah ICO is official banned in China as it was kind of illegal fubdraising of ICO without any rules and regulations therefore China had to ban ICO. One of the reasons was ICO being banned was that there were many fake or scam ICO which would harm traders and other users.But I also don't know what is true as there are many fake news about it topic going on,just to start panic among users.China had done the right thing I think.

[Sasuke102001]

Yeah ICO is official banned in China as it was kind of illegal fubdraising of ICO without any rules and regulations therefore China had to ban ICO. One of the reasons was ICO being banned was that there were many fake or scam ICO which would harm traders and other users.But I also don't know what is true as there are many fake news about it topic going on,just to start panic among users.China had done the right thing I think.
[/quote
I think more than the fake ico scams therr was a certain problem in their stock market or something i guess. As far as I know the Chinese government has their own motives in iy rather than public welfare.
This is a post that i came through you all may refer to it.
https://cointelegraph.com/news/china-ban-on-ico-is-temporary-licensing-to-be-introduced-official

[Jating]

It was a matter of time, in fact I’m a little surprised that this did not happen before, maybe the Chinese are very busy on something else, even some member of the forum were asking for solutions about a way to stop or at least reduce the number of scam icos appearing in the forum and it seems that the Chinese government is going to help with that, since less money is going to flow to icos.

I think they may have been looking at crypto's already starting when they investigated the fake trading volumes around Feb-March this year. And when the price ballooned to $4000-$5000 this month, they can no longer ignore if. So they step up specially stopping fake or scam ICO, specially that a lot of Chinese has been investing on it ever since. I guess they just want to protect their people against it, but the timing of the declaration is somewhat off.

[Wingo]

Though truly profitable, ICOs are considered scams by many but there are few that are truly legitimate. Just the right choice for China because these ICOs are targeting the people of their country because there are many crypto currency investors in China.

[Cacaparg]

I think thevreason  that last time were so maby scams, hovweverit is not so honest for really goid projects. Ban it is very strict way. I think will be better to invent new solutions of scam detecting or ico verification.