Topic: [2017-09-08] Bitcoin Blocked in China: ICO Ban Has Ripple Effect on... (Read 2372 times)

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As reported earlier today, Chinese news source Caixin, citing unnamed sources, said that regulators are looking to shut down the exchanges. That decision, the newspaper claimed, has already been made and disseminated to other sources. Yet in the wake of that story, exchanges in China said they haven't receive any notices from the Chinese government, casting doubt on the veracity of the Caixin report.

https://www.coindesk.com/bitcoin-price-sinks-4200-china-uncertainty/

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Bitcoin Blocked in China: ICO Ban Has Ripple Effect on Cryptocurrency Businesses

Earlier this week Chinese regulators banned businesses from raising funds using initial coin offerings (ICOs), the latest blockchain-related investing craze. This in turn has impacted the Bitcoin market.

So far, ICOs have raised $1.6 billion in 2017 alone with 65 launches in China totaling some 2.6 billion yuan or $398 million.

It is not the first time China has scrutinized digital currency. Earlier this year, Chinese digital currency exchanges temporarily halted customer withdrawals to upgrade their anti money laundering controls at the behest of financial regulators. The halt lasted for months. This, in turn, caused a temporary chill in the local Bitcoin market, causing China to forfeit its position as the world's largest Bitcoin market.

The China ban impacted Chinese-Russian cryptocurrency launch

ICO platform KICKICO released a statement this week announcing that as a result of the ban, the firm has delayed its planned Chinese-Russian Cryptocurrency Fund launch. The fund was due to launch in Moscow on September 6. It is now delayed until there is clarification of the new Chinese regulatory framework.

But now that the cryptocurrency movement has gathered speed, there is no turning back. A number of industry players feel confident this speed bump in China will not have a long-term effect on the momentum.

China-based digital assets exchange C2CX CEO Scott Freeman said he remains confident China will find a solution. "China is in the process of creating a new regulatory framework to accommodate the blockchain revolution, and I feel confident that the Chinese government will ultimately find a solution that permits the industry to further develop," Freeman said.

https://www.thestreet.com/story/14298857/1/bitcoin-blocked-in-china-ico-ban-has-ripple-effect-on-cryptocurrency-businesses.html