China ICOs update: likely to be regulated and controlled rather than Banned outright
As you know a lot of the crypto markets tanked this week on news China was banning ICOs
In the link below, Boxmining who is bilingual analyses the interview that was on mainstream China TV last night and adds what he knows of China.
I like this guy as he is fairly balanced when analysing things and tries to use factual information
Key points I took out of box minor are:
1.The interview was on national TV. It is quite common for the Government to use a minor official in a think tank or institute to speak for them just so they can change their mind later if they want to
- The guys talks about fintech being important and not wanting to crush cryptocurrencies but to provide some sort of sandbox and that regulation will follow
- Boxminor said over and over that it is clear the government wants to make people bend at the knee to the big dragons and show they are willing to bow down to the government and comply. Then the government will start to talk about what is possible. Boxminor suggest the government may also want to impose some sort of tax in due course so they get a cut
- Boxminor said china acts quickly and this would likely be a matter of months not years
- But anything could still happen.
Yeah for a moment I thought this is real haha turned out to be a big hype. I think its more the people that isnt fond of bitcoin or crypto's that is badmouthing it at every corner
very good video, great information, thx for sharing!
You're welcome - glad it was useful
@katythompson,
Video time duration is 1 hr and 41 mins, so I wish I could watch this video today (due to busy life style) and I want to say thank you very much for sharing such useful information with us! Really appreciate your effort!
Cheers~
I just added my key summary of the take outs if you re read it now
@katythompson,
That would be very useful! I got it, but personally I like what they did, I mean PBOC! Coz, ICOs need to be control, otherwise huge set of scammers joint this field to scam people who wish to be a part of ICOs. So, better they implement such regulations! (my personal opinion)
Thank you very much for sharing such useful summary report!
Cheers~
Yes I agree with you. Its good for the sector to have someone weed out at least the obvious scams.
good to know about the thanks for updating me :D
You're welcome
This is an excellent video.
The Chinese are one of the largest, if not the largest, miners of bitcoin. There is no way under the sun that they are going to crush this gold mine. China is a country that doesnt have many natural resources. Hence, crypto is a windfall for them.
While China has well over 1B people, the truth is only 150M people or so are living in a non-impoverished state, an amount less than 1/2 the population of the US. The true nature of this impact isnt as big as people make. Besides, many ICOs are scams and garbage anyway.
What is interesting is to see how China, while communist, is still under the thumb of the international banksters. They are the ones driving the pust to regulate (read control) the crypto world. It is natural for them to see the value...and the threat. Those greedy bastards want to get their hands all over it and prevent the average person from really profiting from it.
Thank you for posting this.
Strategic analyst well nice to meet you.
see you around ;)
thanks for sharing these great information with us and making us aware :)
The Great initiative from china.
Upvoted.