[2018-04-23] China Says It Has ‘Safely’ Shuttered ICOs, Cryptocurrency Exchanges

[Goozzi]

Chinese financial authorities, including the central bank and other regulators, are ramping up their broad crackdown on illegal fundraising activities.

In a news conference in Beijing on Monday, Chinese authorities said they will keep a close watch on interest rates charged by companies and financial firms in the private sector to increase their scrutiny on illegal fundraising.

In particular, the People’s Bank of China, the country’s central bank, said it will continue to curtail risks from financing over the internet after stating it had ‘safely closed down’ all initial coin offering (ICO) platforms and cryptocurrency exchanges in the country, Reuters reports.

As reported previously, China first issued a blanket ban on all domestic ICO platforms on September 4, 2017, quickly following the ruling with restrictions to effectively shutter the domestic cryptocurrency trading industry.

China’s crypto clamps last year largely began early in January, soon after bitcoin hit a then-celebrated high of $1000 at the time. The move has largely neutered China’s influence on global cryptocurrency prices after once accounting for over 90% of trading as recently as 2016.

However, research from China’s internet finance association revealed that Chinese citizens were continuing to participate in crypto trading through exchanges and ICO platforms overseas. In February, a PBoC-affiliated newspaper revealed Chinese authorities were moving to block all websites, both domestic and foreign, related to cryptocurrency trading and ICOs.

In what is effectively seen as its final crackdown, Chinese authorities began targeting domestic crypto traders by checking their bank accounts with the added threat of having their assets frozen and even blocking them from the domestic financial system. All of which has seen Chinese authorities largely curtail crypto trading, even if they’ve come short of completely eradicating it altogether.

Meanwhile, financial scams involving illegal fundraising is particularly rampant in China, raking in an estimated $36.5 billion (251.1 billion yuan) in 2016, spread over 5,000 new criminal cases according to a Chinese state-run news agency. Over 30 percent of those cases were found to related to private investment platforms.

Source: https://www.ccn.com/china-safely-shut-ico-cryptocurrency/

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[Qartersa]

Chinese financial authorities, including the central bank and other regulators, are ramping up their broad crackdown on illegal fundraising activities.

In a news conference in Beijing on Monday, Chinese authorities said they will keep a close watch on interest rates charged by companies and financial firms in the private sector to increase their scrutiny on illegal fundraising.

In particular, the People’s Bank of China, the country’s central bank, said it will continue to curtail risks from financing over the internet after stating it had ‘safely closed down’ all initial coin offering (ICO) platforms and cryptocurrency exchanges in the country, Reuters reports.

As reported previously, China first issued a blanket ban on all domestic ICO platforms on September 4, 2017, quickly following the ruling with restrictions to effectively shutter the domestic cryptocurrency trading industry.

China’s crypto clamps last year largely began early in January, soon after bitcoin hit a then-celebrated high of $1000 at the time. The move has largely neutered China’s influence on global cryptocurrency prices after once accounting for over 90% of trading as recently as 2016.

However, research from China’s internet finance association revealed that Chinese citizens were continuing to participate in crypto trading through exchanges and ICO platforms overseas. In February, a PBoC-affiliated newspaper revealed Chinese authorities were moving to block all websites, both domestic and foreign, related to cryptocurrency trading and ICOs.

In what is effectively seen as its final crackdown, Chinese authorities began targeting domestic crypto traders by checking their bank accounts with the added threat of having their assets frozen and even blocking them from the domestic financial system. All of which has seen Chinese authorities largely curtail crypto trading, even if they’ve come short of completely eradicating it altogether.

Meanwhile, financial scams involving illegal fundraising is particularly rampant in China, raking in an estimated $36.5 billion (251.1 billion yuan) in 2016, spread over 5,000 new criminal cases according to a Chinese state-run news agency. Over 30 percent of those cases were found to related to private investment platforms.

Source: https://www.ccn.com/china-safely-shut-ico-cryptocurrency/

I wonder how they will be able to live up to this to think that most miners and traders emanate from China- well this is the angle that has been publicized which is precisely the reason the government of China wants to get rid of ICOs at the moment. One thing I am certain though, what is happening now on the point of view of said government is temporary because surely they will do something to push through with regulating it through proper processing. On the flip side, I also see China being too rigid about the banning of bandwagons no matter how the world is against them- an example for this is the ban they have on some social medias.

[richardsNY]

Pathetic. If I was a Chinese citizen, and had the funds to sustain myself in Japan or elsewhere for at least a good number of years, I was gone already. No one with the financial capabilities should stay there and let the government further dictate their lives. If that wasn't a possibility, I would do everything I could to urge local communities and economies to strictly use Bitcoin. And still I have some feeling that all these measures are meant to stimulate their own crypto progress eventually. They are basically cleaning house and then set up and complete their own crypto puzzle. But then again, even if that is the case, it will take years and years before the changes start to be implemented. Let them have it their way, the market keeps growing despite China's exit.