ICO is officially banned in China !!!

I think it's strange to forbid ICO projects in China.Just enough to conduct an audit of all projects and everything will be safe, official reports will also be provided.

Quote from: erikmatik on September 04, 2017, 08:16:14 AM

Can we request for translation? Thanks!!!

he copies the text directly from the article, lol Cheesy

until when China will continue banned ICO, my prediction will release banned ICO in the next 3 years ...

I think they consider ICO as a source of income just by crowdfunding. If the owner of ICO started to consult the government agency that concerns about ICO then they should not be ending like this. Some ICOs are abusing the crowdfunding and get a few on the collected fund by overpricing the project that the ICO aims. Too bad for them but I hope that they start legalizing bitcoin again for faster growth of bitcoin.

It does not matter. We see the price still rising. It may be right or wrong China banning ICO's, but it ' s a fact that many ICO's are a scam. Now even Skype, Whatsap and some other apps are banned, just like Facebook and Twitter. That is a real bad decision, that shows the fear of the China government of losing control. However, Bitcoin and all cryptocurrencies will not suffer from governments wanting to regulate.

Quote from: Washball on November 22, 2017, 07:14:21 PM

its definitely a wrong decision.
its probably not just because of the ICO scam that China ban it but they thought they can stop their people from using bitcoin to launder money. But weren't NEO that they intend to develop much like WAVES for the Russians.

Bitcoin has got regulated and not banned. This doesn't lead the market downtrend, several countries have the same issue of regulating the ICO to have a perfect growth. Even in a recent meeting Russian economic minister stated that it's a must to regulate and use, because those icos play a major role in the upcoming startup growth and entrepreneurship.

China is a country with non democratic society, so ICO ban is predictable thing for it.

I think regulatory moves from governments are more than expected with the growing interest on ICOs and cryptocurrencies. As some people may consider those as measures to block these initiatives, considering the increase of scams I think this kind of thing can make people more aware of the risks involved and also more cautious before investing. That said, I'm taking a closer look on application tokens that have a utility other than mere especulative growth, such as AppCoins or OmiseGO, to name a few. I believe that this a solid way to go.

The main question is: will chinese citizens actually care? Wink

i also support that many ICO is scam and they gain a lot without rule against them.

maybe they will make rule

Quote from: CohY4ohvoh on December 18, 2017, 02:41:12 PM

i also support that many ICO is scam and they gain a lot without rule against them.

maybe they will make rule

Yes that is right that some ICOs my be scam, but it does not mean that all ICOs can be consider as scam. I have invested money in some ICOs and got a good amount of money from there and they are even now following their road map.

The chinese government is afraid of everything that they can't control just like the ICOs.
They see a risk in the ICO projects and don't like the fact, that cryptocurrencies can't be controlled as much as the ordinary money we know. You could circumvent laws and existing regulations with them. The freedom cryptocurrencies bring is the future and unstoppable.

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.

The People's Bank of China has declared initial coin offerings (ICOs) illegal and wants them to "cease immediately".

A growing number of tech companies are opting to sell digital "tokens" because they are quick, easy and unregulated.

The ban saw sharp falls in the two leading crypto-currencies, with bitcoin tumbling $200 on Monday.

oh. sounds not good. its trend here in our country but I think I will be think twice before investing to this. not a good news for me but i need to search more why they banned it. maybe its a scam or something. i dont know but how come chinese community banned the ico if its not scam scheme. i hope it will not affect bitcoin price whatsoever.

Chinese are known for enterprising and business well management so they know how value their money and how to deal with thia crypto. I guess China government are trying to protect their countrymen from scams and frauds from this way of business. They don't want decentralized system because its a risky one , so they are trying to create one , more centralized and safe.

Quote from: wego on September 04, 2017, 07:45:28 AM

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。

This is normal in a communist country because they always want a centralized form in a government. Bitcoin is a decentralized electronic currency and it affects their teachings and laws of centralized government. Chinese people are one of the best merchants and they want to protect their people in any form of electronic currency incomes.

Hope it will end after Ch New Year

Yes it is officially banned in China because the government of China is afraid for bitcoin to be replaced the current currency of China.
That's why they banned bitcoin and many country note thinking about banning bitcoin that's why many investors are afraid in investing in it because because they are not so sure if they can earn a lot form it and if they can be bankrupt in it.

Everyone is clear that the crypto currency and the lock will not go away anywhere.
In China, in the case documents, primary sales of coins are called a tool for unauthorized collection of funds, which can be used for financial fraud. This is how China "saved" its citizens from fraud.