After China also the South Korea is banning IOC'S!

in ico •  last year

 South Korea, after China, forbade Icons. Initial  coin offerings have been banned today by the Financial Services  Commission, Seoul's financial sector supervisory agency, who added that  cryptovalue trading must be severely regulated. "Collecting  funds through the Ico seems to be a growing phenomenon globally, and  our position is that Ico are also growing in South Korea," said the  Seoul Finance Committee, which promises "strong fines" against financial institutions and other parties involved in cryptovalue offerings.

Ico has proven to be a very popular start-up financing method. This  year, crowdfunding surpassed the two billion dollars, but the Ico also  opened up a number of doubts between regulators for the unregulated  nature of these operations and the danger that they could cover  financial crimes. These two factors have convinced Beijing's financial authorities and  China's central bank, Peoplès Bank of China, to ban it in early  September.

In addition to China and South Korea, ICOs have also raised doubts with other financial regulators in other countries. The  US Sec Securities Exchange Commission is setting up a "cyber unit" to  examine suspicious Ico, while the Monetary Authority of Singapore  (Monetary Authority of Singapore) is considering whether to ban Icons or  not. Even from Australia, the financial authorities have launched the  alarm: the Securities and Investments Commission has issued new Ico  rules, warning savers of the potential risks inherent in these  operations.

Actually,  for Christine Lagarde, the general manager of the International  Monetary Fund, virtual currencies such as Bitcoin do not threaten the  existence of traditional coins but "is not wise" ignore evolution. The  former French Finance Minister has also provided some of the reasons  why cryptovalues ​​will not replace traditional currencies: "They are  too volatile, too risky and require too much energy, many are too opaque  for regulators, and some have been hacking attacks, explained during the London Bank of England conference entitled "Central Banking and Fintech-A Brave New World?".

However,  many of these cited technology criticalities will be overcome as  happened with PCs and tablets: "Not long ago, some experts argued that  personal computers would never have been adopted and that the tablets  would only be used as expensive trays for the coffee, "he added. In this context, the number one of the IMF invited them to think of countries with unstable currencies and weak institutions. "Instead  of adopting the currency of another nation, such as the US dollar, some  of these economies might see an increasing use of virtual currencies." For Christine Lagarde it would be a sort of "dollarization 2.0".

In  practice, a day will come when citizens can hold virtual currencies  instead of dollars, euros and pounds simply because "it might be easier  and safer to get banknotes, especially in remote regions. And why  virtual currencies could become more stable ". Lagarde seems to be, then, deployed by Morgan Stanley's chief executive, not JP Morgan's boss. According  to the first, James Gorman, Bitcoin "is certainly more than a passing  fashion. The anonymous currency concept is interesting." For the second, Jamie Dimon, digital currency is a "fraud" that will make a "nasty end". 

This is very good news if you think about this from other side. As from now there will be less scammers and less ICO's that are trying to just get people's money. I think that this ICO banning will be also done by other bigger country's but you never know, it's just my thoughts :)

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