Bitcoin Forum
July 16, 2018, 09:16:33 PM *
News: Latest stable version of Bitcoin Core: 0.16.1  [Torrent]. (New!)
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: [2017-09-04] Chinese Blockchain Conferences Cancelled In Fear of ICO Crackdown  (Read 3990 times)
ivanpoldark
Sr. Member
****
Offline Offline

Activity: 616
Merit: 250


“Blockchain Just Entered The Real World”


View Profile
September 04, 2017, 10:52:35 AM
 #1

Chinese media has reported that the People’s Bank of China (PBOC) has determined the majority of initial coin offerings (ICOs) to be in violation of fundraising laws, prompting the cancellation of at least one major cryptocurrency event previously scheduled for September. The report has emerged following recent revelations that the PBOC has been in discussions regarding regulatory measures designed to curb the proliferation of ICOs in China.

The PBOC Is Alleged to Have Determined That  “More Than 90% ICO Projects Could Be Violating Illegal Fundraising or Fund Fraud Laws”


Citing an anonymous source, Caixin has reported that Chinese regulators have deemed initial coin offerings to be in violation of fundraising laws. Caixin alleged that the People’s Bank of China has concluded that “more than 90% ICO projects could be violating illegal fundraising or fund fraud laws”, alleging that “the percent[age] of projects that [are] actually raising funds for investments is less than 1%”.

According to Caixin’s source, the PBOC’s determinations mark the imminence of a crackdown on ICOs. Caixin’s source described the the ICO industry as resembling a “flock of sheep” stating that the crackdown will be designed to target the “leading sheep of a flock” and that “there will be some exemptions for people who are just following the flock” – suggesting that authorities will pursue individuals who seek to conduct unlawful initial coin offerings, and that consumers who participate in ICOs may not be the subject of legal recourse.

Caixin Has Reported That Major Cryptocurrency Event, the 2017 DACA Blockchain International Summit, Has Been “Abruptly Halted”

Caixin reports that the 2017 DACA Blockchain International Summit scheduled for September 2 was “abruptly halted” just one day prior to the commencement of the cryptocurrency event as a consequence of the PBOC’s determinations. Caixin states that “all Blockchain events that supposed to be held in September in Beijing should postpone or be held in another city”, and suggests that the 2017 Global Blockchain Summit organized by Huobi scheduled for the 23rd of September will also likely be deferred. The 2017 Shape The Future Conference that was to be held on September 10 in China may be postponed, according to people familiar with the matter and an announcement on the matter should follow in a few days.

Last week, it was reported that China’s central bank was in discussions regarding a range of regulatory measures designed to curb the proliferation of ICO, including the consideration of a total suspension of all ICOs occurring in China. According to a report prepared by China’s National Internet Financial Security Technical Committee, 65 Chinese ICOs have raised approximately 2.6 billion yuan ($400 million USD) from 105,000 citizens so far during 2017.

Do you think that China will be able to effectively regulate and control the ICO industry? Share you thoughts in the comments section below!

Read more: https://news.bitcoin.com/chinese-blockchain-conferences-cancelled-in-fear-of-ico-crackdown/




   ▄▄███████▄▄       ▐█     █▌         ██          ▐██████▄▄       ▐██████▄          ██         ▐█▄        █▌    ███████▌
 ▄███▀▀   ▀▀███▄     ▐█     █▌        █▌▐█         ▐█   ▀▀██▄     ▐█   ▀█▌        █▌▐█        ▐███▄      █▌       █▌  
▐██▌        ▐██▌    ▐█     █▌       ██  ██        ▐█      ▐█▌    ▐█   ▄█▌       ██  ██       ▐█ ▀██▄    █▌       █▌  
███          ███    ▐█     █▌      ██   ██       ▐█       ██    ▐██████▀       ██   ██      ▐█   ▀██▄   █▌       █▌  
▐██▌   ██▄   ▐██▌    ▐█     █▌     ██████████      ▐█      ▐█▌    ▐█▀██▄        ██████████     ▐█    ▀██▄ █▌       █▌  
 ▀███▄▄ ▀██▄ ▀█▀     ▐█▄   ▄█▌    ██       ██     ▐█   ▄▄██▀     ▐█  ▀██▄     ██       ██    ▐█      ▀███▌       █▌  
   ▀▀█████▀██▄        ▀██████▀    ██         ██    ▐██████▀▀       ▐█   ▀█▌   ██         ██   ▐█        ▀█▌       █▌  
           ▀▀▀

A Blueprint for Mapping Decentralized Data


Telegram             Twitter             Medium             LinkedIn
██
██
██
██
██
  
Data Stamping
Constellation Creation
Enriched data and services
██
██
██
██
██
  
With Quadrant, any form of

Data can be Authenticated.
1531775793
Hero Member
*
Offline Offline

Posts: 1531775793

View Profile Personal Message (Offline)

Ignore
1531775793
Reply with quote  #2

1531775793
Report to moderator
1531775793
Hero Member
*
Offline Offline

Posts: 1531775793

View Profile Personal Message (Offline)

Ignore
1531775793
Reply with quote  #2

1531775793
Report to moderator
The World's Betting Exchange

Bet with play money. Win real Bitcoin. 5BTC Prize Fund for World Cup 2018.

Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1531775793
Hero Member
*
Offline Offline

Posts: 1531775793

View Profile Personal Message (Offline)

Ignore
1531775793
Reply with quote  #2

1531775793
Report to moderator
1531775793
Hero Member
*
Offline Offline

Posts: 1531775793

View Profile Personal Message (Offline)

Ignore
1531775793
Reply with quote  #2

1531775793
Report to moderator
CryptoBry
Sr. Member
****
Offline Offline

Activity: 448
Merit: 271


Zichain.io


View Profile WWW
September 05, 2017, 12:06:38 PM
 #2

PBOC determined that around 90% of the ICOs introduced into the market can be violating the laws on securities and what-have-yous in China. Now, that means that around 10% are okay or fine and did followed the rule for fundraising. Now, that is opening a possibility that eventually China will implement a stricter rules on ICOs and before anyone can proceed with the crowdsale there must first be approval from the authorities. I think this is coming...so the total ban will not be the official policy after all.

Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!