China's Central Bank Declares ICO Illegal

[aron_folioninja]

Time to drain the ICO swamp in China?

So they are just going to employ family members now

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[Wildwest]

Big investors are in China no wonder if China can affect the market. Many of the bitcoin enthusiasts are talking about China has Declares ICO is Illegal. Not long altcoin market are mostly down. Hopefully other countries do not make decisions like that.

[tranle789]

Big investors are in China no wonder if China can affect the market. Many of the bitcoin enthusiasts are talking about China has Declares ICO is Illegal. Not long altcoin market are mostly down. Hopefully other countries do not make decisions like that.

I also hope so because I like to invest in ICO projects because it gives me more profit than long-term investment, if China bans ICO, it will affect a lot of upcoming projects and this is very difficult to accept in large countries like China

[thangoffshore]

I would say that the effect of the ban will not too much, except for the orient ETH {NEO} and QTUM.

Many ICOs were not allow U.S. citizens to participate, and no one bats an eye. 

[sylance]

We'll likely see many countries going the way of Russia, meaning only 'accredited' investors can participate in ICO's.  Governments don't want the average person to invest in these because then they get the same opportunities as those that are stuffing their pockets with 'campaign funds.'  This stuff irritates me so much!  We finally get something that governments can't get their hands on and they're still fighting tooth and nail to get their piece.

[seasonw]

I would say that the effect of the ban will not too much, except for the orient ETH {NEO} and QTUM.

Many ICOs were not allow U.S. citizens to participate, and no one bats an eye.  

I think banning of ICO means ban to start an ICO, not ban to invest in ICO. So, basically, Chinese still can invest to ICO, be remember that the main feature of cryptocurrency is anonymity. How do we know the investor who pay in Ethereum is U.S citizen?

[rafzalan]

I would say that the effect of the ban will not too much, except for the orient ETH {NEO} and QTUM.

Many ICOs were not allow U.S. citizens to participate, and no one bats an eye.  

I think banning of ICO means ban to start an ICO, not ban to invest in ICO. So, basically, Chinese still can invest to ICO, be remember that the main feature of cryptocurrency is anonymity. How do we know the investor who pay in Ethereum is U.S citizen?

Yes, but they said that's coin shouldn't exchanged for fiat and coins cant be used as money.
This rules makes hard for chinese to buy any coin with fiat.
I think the governments want to control money market, and they have fear loosing it by the way coins spread.

[nadrojcote]

I would say that the effect of the ban will not too much, except for the orient ETH {NEO} and QTUM.

Many ICOs were not allow U.S. citizens to participate, and no one bats an eye.  

I think banning of ICO means ban to start an ICO, not ban to invest in ICO. So, basically, Chinese still can invest to ICO, be remember that the main feature of cryptocurrency is anonymity. How do we know the investor who pay in Ethereum is U.S citizen?

Yes, but they said that's coin shouldn't exchanged for fiat and coins cant be used as money.
This rules makes hard for chinese to buy any coin with fiat.
I think the governments want to control money market, and they have fear loosing it by the way coins spread.

I watched box mining's video today on youtube and he said this was already law in China. Tokens cannot be used as currency. Meaning you cannot purchase goods with them. Doesn't mean you can't buy them.

[9jaflick]

this is one of the best news i have love reading all true the day. ICO is 100percent illegal to me and this has been given me hitch. companies raising money thruogh ICO, for Chris sake if you want to develop or run a company you should at least have raised some setting amount money (percentage) required to run the company before calling on investor. and This ICO projects, is now one of the easiest tools scammers is now using to scam investors off their hard earn money.
To the best, cryptocurrency needs to be regulated to save investor from scammers.

[Red-Apple]

the news that comes from China is always what becomes the biggest!
ICOs have been illegal in many other places so far and now China just joined them. although because Chinese are big investors in crypto markets we can say that it will have a big effect on ICOs and how they can get more funds eventually.

i also expect a lot of dumps in ETH because ICOs were the only reason it went up and now that it is over the ETH bubble can finally burst and there won't be much to keep it up now.

[rafzalan]

the news that comes from China is always what becomes the biggest!
ICOs have been illegal in many other places so far and now China just joined them. although because Chinese are big investors in crypto markets we can say that it will have a big effect on ICOs and how they can get more funds eventually.

i also expect a lot of dumps in ETH because ICOs were the only reason it went up and now that it is over the ETH bubble can finally burst and there won't be much to keep it up now.

Winner will be the country that makes icos legal and regulated.
I think Singapore could be the one.
Also some icos have fined a way to be legal in usa e.g. cridit protocol (atm before pre-ico)

[Hyperme.sh]

Winner will be the country that makes icos legal and regulated.

All countries are being forced to enforce securities regulation same as was the case for FATCA. All this information is covered in detail at the following blog:

Are Most Cryptocurrencies Doomed to Collapse — because they’re “ICO-issued”?

I think banning of ICO means ban to start an ICO, not ban to invest in ICO.

Incorrect. Read the linked blog to learn about investment securities and more details. Follows is a summary.

There will be a banning of trading on the exchanges for the tokens which were issued by ICO (or any obfuscation of an ICO which is equivalent).

Tokens will be frozen on exchanges. Money will be recovered from issuers and some will be jailed. Some who promoted and/or traded large quantities of ICO-issued tokens will be fined and possibly jailed.

Use of ICO-issued tokens will be illegal because it is illegal to trade investment securities on an unregulated exchange.

I think Singapore could be the one.

Incorrect. Singapore is planning to crackdown also.

[Exidous]

  hold some coin you think good and sell all now. If China people dont like anything. the price will fall down

[liatedgnay]

Chinese guys are so sad

[gribble]

One hour ago, the bank declares ICO illegal.
Bitcoin tumbled 7.2% to $4,530.73. Altcoins are worse than that.
https://www.bloomberg.com/news/arti...-bank-says-initial-coin-offerings-are-illegal

Yes because of this declaration had made all of digital coins price went down, the most altcoins getting impact of this declaration is NEO price of NEO went down almost 40%, the other altcoins that got impact are ethereum, ethereum classic include EOS almost all of the altcoins based on dapps and smart contract (ICOs) had got this impact include bitcoins its self, although bitcoins platform is not for smart contract (ICOs projects) but it will not be long time the price will goes up again soon.

[hanskan]

Well this was coming. Things were getting pretty out of hand, tens if not hundreds ICOs every week, most of them utter rubbish with no application or use. Strong will survive.

[Spoetnik]

What like how PayPal did seven years ago?
Care? Did it stop you all?

It is you the scammy idiots buying them that should have banned them..
Like they used to be long ago here.. You all lowered the greedy pajeet bar fer teh ROI's  

[Linuld]

One hour ago, the bank declares ICO illegal.
Bitcoin tumbled 7.2% to $4,530.73. Altcoins are worse than that.
https://www.bloomberg.com/news/arti...-bank-says-initial-coin-offerings-are-illegal

Yes because of this declaration had made all of digital coins price went down, the most altcoins getting impact of this declaration is NEO price of NEO went down almost 40%, the other altcoins that got impact are ethereum, ethereum classic include EOS almost all of the altcoins based on dapps and smart contract (ICOs) had got this impact include bitcoins its self, although bitcoins platform is not for smart contract (ICOs projects) but it will not be long time the price will goes up again soon.

I am confusing just one country can be made the all digital currencies value come down in a single day. China has that much hands in the digital currency. Really great when again these currencies will be back to normal rates. I will buy some altcoins now BCH and Waves.

[Benezim]

Since the Central Bank of China declared all ICO to be illegal, this would mean a reduction in the release of new coins into the digital market. And as a consequence of this, part of the flow of money will be invested in old proven coins, including bitcoin and ethereum. I see no reason for panic. Perhaps all for the better.

THIS

Existing investors will focus more on the top tier coins for now, funding for all the bottom scam coins / ICOs will cease.

At the same time, influx of CNY/RMB into crypto will come to a halt, but the Chinese will come back much bigger once it is properly regulated (regulation will even attract risk averse investors then)

[Sarcasm]

One hour ago, the bank declares ICO illegal.
Bitcoin tumbled 7.2% to $4,530.73. Altcoins are worse than that.
https://www.bloomberg.com/news/arti...-bank-says-initial-coin-offerings-are-illegal

Yes because of this declaration had made all of digital coins price went down, the most altcoins getting impact of this declaration is NEO price of NEO went down almost 40%, the other altcoins that got impact are ethereum, ethereum classic include EOS almost all of the altcoins based on dapps and smart contract (ICOs) had got this impact include bitcoins its self, although bitcoins platform is not for smart contract (ICOs projects) but it will not be long time the price will goes up again soon.

I am confusing just one country can be made the all digital currencies value come down in a single day. China has that much hands in the digital currency. Really great when again these currencies will be back to normal rates. I will buy some altcoins now BCH and Waves.

very terrible if ico is forbidden in china,
and I think maybe people there will protest and do not want to stay in silence