Conversions from Mandarin/Cantonese to English is not a direct science, but this article seems to be talking about the Chinese crackdown on ICOs specifically, not an overall banning of cryptocurrency. While bitcoin is mentioned as it relates to fraud and illegal activity, it always seems to circle back to ICOs.
This seems more like a "We are aware that illegal activity occurs as it relates to cryptocurrency -- the biggest offender is ICOs because they are 90% fraudulent and target the consumer directly."
As far as government regulation goes (which is generally bad in the crypto world) for something like this -- I would say a crackdown on fraudulent ICOs is a logical response.
Don't worry about Bitcoin being banned in China. China is the largest consumer of cryptocurrency and has the widest adoption of it. It's never going to happen -- too many people in China stand to take a major loss if it does.
Topic: Crypto going Banned in China? Bitcoin going Illegal? - page 3. (Read 2165 times)
If they do ban bitcoin and all crypto related activities in China, it will be like shooting themselves in the foot. I am Chinese but I am all for open markets and innovation. If China wants to be a leader in innovative technology then ruling out the Blockchain will be short of being fool hardy. I may not live in China anymore but I care about what is happening in my home country and while it is good to regulate the Industry against thieves and scammers, making such a blanket ban does not bode well for China. The rest of the World will move on without the Chinese to this effect.
Most of Bitcoin miners are running in China, if China bans bitcoin then I expect its price drop to $2k or less.
I hope they will not try to Ban all crypto coins in China.
i hope they DO BAN all crypto in China including bitcoin. it will be once and for all and we will get rid of them for good!
i am honestly sick and tired of hearing about news coming from China that always spikes FUD and causes bitcoin price to swing around wildly. if there was reality to these swings i wouldn't have been as mad.
some bullshit rises from China and panic sellers start giving away their bitcoin to whales instead of taking the cheap coins from whales. and we have all seen where each of these panic sells end up...
I hope they will not try to Ban all crypto coins in China.
And they wont do that cause its a really good income for China.
Please think about Asic Manufucators and big farms in China. Then You will see there is no way to Ban
And they wont do that cause its a really good income for China.
Please think about Asic Manufucators and big farms in China. Then You will see there is no way to Ban
i found this news: http://finance.jrj.com.cn/tech/2017/09/08211823086220.shtml
Translate in english:
【related news】
The bigger storm is approaching: the regulatory brewing ban on the bitcover trading platform
Nobel Prize winner angry grant bitbell: how similar to the market bubble
Masters Comments: why the central bank to stop the issue of tokens do not fall back up
September 5, the central bank Securities Commission, including seven departments jointly issued a document, halted the first tokens issue (ICO), was public opinion as "China's strongest ICO supervision." However, things are far from over ...
A larger regulatory storm approaching: close to regulators on the 8th to the China Securities Journal (ID: xhszzb) reporter said that the bit currency trading platform has become illegal economic activities, money laundering and bankers manipulate the price of loser retail channel, should be banned as soon as possible The
Focus on
Close to regulators said:
➤ Bitcoin trading platform has become illegal economic activities Money laundering and bankers manipulate the price of looting of retail channels, should be banned as soon as possible.
➤ In addition to the illegal economy and extortion, the basic application of Bitcoin is not currently seen.
➤ Money laundering with Bitcoin can bypass the regulation of the transfer of funds, especially in China, there are still capital controls in the case of such acts should be introduced as soon as possible regulatory measures.
➤ bets a bit currency trading platform, not a ban on Bitcoin. The banned platform is a channel to cancel a large amount of currency and currency exchange.
Dynamic pin dividing line
Talk about ICO first.
ICO (Initial Coin Offerings abbreviation), the first tokens issue, from the stock market, the concept of initial public offering (IPO). Investors can be simply understood as: IPO to raise funds is the yuan, ICO raised is the bit currency; IPO is the stock, ICO issued a variety of tokens; IPO to raise funds for a variety of production and business activities, ICO to raise " Funds "for the development of various types of block chain projects.
But ICO and IPO difference between the huge!
We know that corporate IPO is regulated by the SFC, under strict market rules and strong supervision, the Commission can still find a lot of corporate fraud, some companies can be suspended IPO process, successful IPO after the listing of enterprises Continue to be regulated, investors are also based on rights.
But before the 7 departments issued a document, ICO is in a non-regulatory state. In other words, ICO issue of the project, investors basically no way to confirm. A financing project that is not regulated by any department, the existence of the project first need to be questioned; the same time, investors profit mode is the secondary market transactions into the "token", you can imagine how much risk.
Professor Deng Jianpeng, a professor at the Central University for Nationalities, found that "up to 90% of ICO projects are currently suspected of fraud."
Investors have realized that the project is nothing but a Ponzi scheme, but also feel lucky, that he is not the last one to pick up the last person.
Bitcoin: front high energy warning!
Interestingly, in the ICO halted three days later, bitco strong rebound has been basically recovered. But with regard to Bitcoin, investors need to note that national regulatory measures are not the same.
At present, China's regulators most concerned about is that Bitcoin has become illegal means of money laundering. At the same time, Bitcoin is also the main means of payment for the underground economy.
Bitcoin in the absence of supervision of the secondary market transactions, the dealer manipulate the price, the price fluctuations are too large, but also easy to allow retail investors suffer losses.
Translate in english:
【related news】
The bigger storm is approaching: the regulatory brewing ban on the bitcover trading platform
Nobel Prize winner angry grant bitbell: how similar to the market bubble
Masters Comments: why the central bank to stop the issue of tokens do not fall back up
September 5, the central bank Securities Commission, including seven departments jointly issued a document, halted the first tokens issue (ICO), was public opinion as "China's strongest ICO supervision." However, things are far from over ...
A larger regulatory storm approaching: close to regulators on the 8th to the China Securities Journal (ID: xhszzb) reporter said that the bit currency trading platform has become illegal economic activities, money laundering and bankers manipulate the price of loser retail channel, should be banned as soon as possible The
Focus on
Close to regulators said:
➤ Bitcoin trading platform has become illegal economic activities Money laundering and bankers manipulate the price of looting of retail channels, should be banned as soon as possible.
➤ In addition to the illegal economy and extortion, the basic application of Bitcoin is not currently seen.
➤ Money laundering with Bitcoin can bypass the regulation of the transfer of funds, especially in China, there are still capital controls in the case of such acts should be introduced as soon as possible regulatory measures.
➤ bets a bit currency trading platform, not a ban on Bitcoin. The banned platform is a channel to cancel a large amount of currency and currency exchange.
Dynamic pin dividing line
Talk about ICO first.
ICO (Initial Coin Offerings abbreviation), the first tokens issue, from the stock market, the concept of initial public offering (IPO). Investors can be simply understood as: IPO to raise funds is the yuan, ICO raised is the bit currency; IPO is the stock, ICO issued a variety of tokens; IPO to raise funds for a variety of production and business activities, ICO to raise " Funds "for the development of various types of block chain projects.
But ICO and IPO difference between the huge!
We know that corporate IPO is regulated by the SFC, under strict market rules and strong supervision, the Commission can still find a lot of corporate fraud, some companies can be suspended IPO process, successful IPO after the listing of enterprises Continue to be regulated, investors are also based on rights.
But before the 7 departments issued a document, ICO is in a non-regulatory state. In other words, ICO issue of the project, investors basically no way to confirm. A financing project that is not regulated by any department, the existence of the project first need to be questioned; the same time, investors profit mode is the secondary market transactions into the "token", you can imagine how much risk.
Professor Deng Jianpeng, a professor at the Central University for Nationalities, found that "up to 90% of ICO projects are currently suspected of fraud."
Investors have realized that the project is nothing but a Ponzi scheme, but also feel lucky, that he is not the last one to pick up the last person.
Bitcoin: front high energy warning!
Interestingly, in the ICO halted three days later, bitco strong rebound has been basically recovered. But with regard to Bitcoin, investors need to note that national regulatory measures are not the same.
At present, China's regulators most concerned about is that Bitcoin has become illegal means of money laundering. At the same time, Bitcoin is also the main means of payment for the underground economy.
Bitcoin in the absence of supervision of the secondary market transactions, the dealer manipulate the price, the price fluctuations are too large, but also easy to allow retail investors suffer losses.
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