Breaking News: China bans ICOs and raising money through ICOs and the crypto world
China has indeed banned ICOs and all other related activities and fundraising via ICOs and the crypto world took a hit but is not really in deep trouble.
First of all the article that started it all:
http://finance.caixin.com/2017-09-04/101140069.html
(Google Translate or find a Chinese translator.. the latter proves to be better)
So what this derogatory article against ICOs basically means is that for the most part of August and even before, there was already a cleanup or rectification/correction task force working for different parts of the Chinese government. The committee formed was in charge of investigating the worst ICOs that were most likely making false promises, issuing false tokens, practically all illegal fundraising. The culmination was a big list of the weirdest ICO platforms in all of mainland China and a mandate codenamed "No. 99" or "Article 99." This ariticle proclaims ICOs to be illegal money laundering, illegal funding and amongst other things, cheating. However, there is no real link or evidence to this article but still its...
Good Riddance to names like ICOGOGO, GOGOICO and YOYOW....woah!
The list can be found here.
Now let us go to something more credible and released by The People's Bank Of China to put the final nail to the coffin.
http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/3374222/index.html
One renowned Bitcoin maximalist also Tweeted about this and posted the same link and Google Translated pastebin here:
https://pastebin.com/raw/0efUbHAq
So from this credible report from the Chinese government itself, here are the most poignant yet important points:
This is government strategy so all financial related companies are mandated to understand and comply.
All ICOs are to cease and desist momentarily. All ongoing ICOs should refund the tokens bought and all finished ICOs which are on the list should also refund their investors one way or another. Binance is currently refunding SuperSkynet ICO funds as we speak.
Chinese investors are reminded to be very cautious at all times with all cryptocurrency trading.
So my rational thoughts and bold predictions are:
Most cryptocurrency exchanges and big cryptos based in China such as NEO will be moving their operations overseas. I think one of their main targets is the Silicon Valley of Asia - Singapore.
Other coins will be scrambling to get listed on international exchanges or will be partnering with international players...rebranding included.
A big thank you to China for cleaning two of the most troubling aspects of cryptos today:
a. Rubbish ICOs coming from China
b. Weak hands
A very supportive team is all it takes to turn the tide and for your cryptos to recover:
Walton Tweet pic
Omisego Tweet pic
That is indeed a swift end to the China ICO craze. However, take note that the strong cryptos who survive this time of turmoil not only deserve an applaud but also investment support as well.
Also, the cryptocurrency scene is too big right now however FUD like these really tends to have a huge effect on all markets in general. BTC, ETH and even BNB prices are indirectly affected because these will be the gateway currencies used to buy into the ICOs however why in the blue hell does CFI, CVC, and almost all other cryptos experience selloffs and price decrease?
Shopping party! Enjoy the discounts! Enjoy my subtle investment advice!
This is great news! We have an opportunity to buy cheap coins in the short term, the markets will definitely bounce back over the medium to long term :)
wow its an awesome podt bro.
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