ICO forbidden in China? Will same thing eventually happen in all countries?

Koadharber

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Quote from: LittleDiver on September 05, 2017, 04:37:34 PM

Recently the government of China has forbidden all ICOs and initiated a major check of all projects. Moreover, all ICOs now have to return the funds to investors.
Do you think same thing might happen in other countries as well, or everything will stop on China?

Banning ICO or funding would really be bad but talking about regulating then i wont oppose on such thing which ICO is already regulated but it would really be an another story unlike on those ico back in the past which is truly anonymous but in exchange the security of funds wont really be there.I dont have any idea if they would able to follow up chinas steps or would go into another way.

injoin

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Quote from: LittleDiver on September 05, 2017, 04:37:34 PM

Recently the government of China has forbidden all ICOs and initiated a major check of all projects. Moreover, all ICOs now have to return the funds to investors.
Do you think same thing might happen in other countries as well, or everything will stop on China?

China is not exactly a 100% democratic country. In other words, the nature of the country is that all the people will have to comply with the regulations when the regulations are started. But most other countries are a little different. Regulations such as China can be regulated, but as regulations tighten, all investment ecosystems, including the ico, will escape to other countries, which can ultimately be disadvantageous to countries with severe regulations.
Rather, in contrast to China's regulations, other countries can take the opportunity to positively attract ico. Therefore, given the long-term growth of the ico ecosystem, this regulation will not necessarily look bad.

lentzaj

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Quote from: yugyug on September 07, 2017, 11:47:00 AM

ICOs was not forbidden in China but it was regulated, Chinese government protect their citizens money to put into investment to some immoral and suspicous ICOs projects.Let's put these an example of a Paragoin Coin for cannabis community, do Chinese government allow their people help to promote cannabis thru Paragoin coin investment ? Chinese are sensitive about immorality, and being into cannabis is immoral to China. So if they think that unregulated and unsecured investment of ICOs put in danger to their people then it's time to intervene. As China's initiative to regulated ICOs for the benefit of their citizen , then China as a role model, other countries will follow.

I do not agree with you. I don't like the way a government can decide what is GOOD or BAD for its citizens. But if the reasons why an ICO is banned is debated publicly and well explained OK. But no ban without any explanation.

yugyug

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ICOs was not forbidden in China but it was regulated, Chinese government protect their citizens money to put into investment to some immoral and suspicous ICOs projects.Let's put these an example of a Paragoin Coin for cannabis community, do Chinese government allow their people help to promote cannabis thru Paragoin coin investment ? Chinese are sensitive about immorality, and being into cannabis is immoral to China. So if they think that unregulated and unsecured investment of ICOs put in danger to their people then it's time to intervene. As China's initiative to regulated ICOs for the benefit of their citizen , then China as a role model, other countries will follow.

Tipstar

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Quote from: Bay_Harbour_Butcher on September 07, 2017, 11:15:46 AM

Quote from: LittleDiver on September 05, 2017, 04:37:34 PM

Recently the government of China has forbidden all ICOs and initiated a major check of all projects. Moreover, all ICOs now have to return the funds to investors.
Do you think same thing might happen in other countries as well, or everything will stop on China?

I think this will not only stop in China, because usually a state government will learn from the way the government of another country. and after china prohibits ico, then most likely other countries will dare to take action to ban ico also in their country. but we hope I did not happen

This article from Forbes sums up the situation. It's not a bad news for ICOs or cryptocurrency but a good one.
https://www.forbes.com/sites/kenrapoza/2017/09/06/chinas-ico-ban-doesnt-mean-its-giving-up-on-crypto-currencies/

Bay_Harbour_Butcher

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Quote from: LittleDiver on September 05, 2017, 04:37:34 PM

Recently the government of China has forbidden all ICOs and initiated a major check of all projects. Moreover, all ICOs now have to return the funds to investors.
Do you think same thing might happen in other countries as well, or everything will stop on China?

I think this will not only stop in China, because usually a state government will learn from the way the government of another country. and after china prohibits ico, then most likely other countries will dare to take action to ban ico also in their country. but we hope I did not happen

bhoybitcoin

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“Join The Blockchain Revolution In Logistics”

It will never happened. It's a blockchain innovation. You cannot stop progress. Imagine, you can put anything in a blockchain. It will revolutionize every aspect of the society.

crptotrader007

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China has banned ICOs because a lot of people were getting scammed and the ICOs were raising funds and vanishing. Now they have regulated the ICOs and this will benefit everybody.

olliedickman

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I do not think so. Middle east is the best place for technology to grow and I dont think that government will stop ICO in those places. Moreover, Most of the people here are extremely rich and they do love to invest their money in something can change the world. many scientists are here and they know how to make the world better. The only thing they do not have is money.

lentzaj

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Quote from: Insanerman on September 06, 2017, 11:05:23 AM

Quote from: Usuadog on September 06, 2017, 05:25:56 AM

Quote from: Mieehayii on September 06, 2017, 05:06:19 AM

kroken, japan had followed chinese goverment.

If anything, the process will be on and off like how the Chinese government was banning Btc then unbanning Btc.

Thats a possibility but before they unbanned it, they should formulate a framework or regulations or something like a guideline before an ICO is out to the public. Tis is to minimize scams ICO and to protect the investors also.

I think that it is the plan. Temporary banning -> framework of regulation -> unbanning and regulating ICO's. To me this is not a problem. However it arises the question of whether crypto world is totally government and censorship proof. Not really !

senin

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I think that the Chinese government does not intend to completely ban the ICO, but tries to streamline its conduct and limit the possibility of abuses in it. Other countries can also follow the example of China. But this should not be feared. Sooner or later, however, such a settlement was necessary. It will only strengthen the shaky confidence in the crypto currency due to various kinds of abuse and fraud.

roastedparsnip

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China has a lot of other problems right now. Their economy is being kept afloat by govt injecting cash into the economy and trying to stop the real estate bubble from popping all at once.

There are also major issues with corruption, land theft etc. and the general feeling is that ordinary citizens are fed up of being controlled and repressed.

Cryptos are one of the few ways the average Chinese person can currently make good returns on their money.

However, the last thing the govt needs is millions of people getting scammed by ICOs and turning on the govt for not doing more to prevent it.

Although it's highly likely that other countries will also take action against fraudulent ICOs this still won't kill the ICO market as the platforms and companies could move to friendlier jurisdictions and conduct operations from there.

lentzaj

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First, thanks for posting this question.

I posted the same kind of question last week : why do governments don't make BTC illegal worldwide ? : https://bitcointalksearch.org/topic/why-do-governments-dont-make-btc-illegal-worldwide-2133152

If you look at the answers people seems to believe that governments won't be able to stop BTC and crypto by making these illegal. Ok they will not be able to stop these but they have the ability, as china demonstrated with their ICO ban, that they can heavily influence the market in a way such that investors may go away from crypto world.

I do think that the same will happen in other countries. My concern is : how will this influence the market. Will their be a bearish trend for a few years before that a bullish trend starts as governments are able to regulate and tax the crypto world.

Now it is a really young and wild technology that governements don't really understand. It is hard for theme to regulate on crypto because you have to take a lot of time to learn about it and the potential of tokens economic revolution.

So yes, could happen. Might be bad for your investments on a short term basis. But on the long term (5 years at least) no worries I would say...

who agrees ?

nadrojcote

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Canada is doing the exact opposite. We're allowing ICO's currently as a trial to better learn how the technology can be used.

https://www.coindesk.com/ico-ban-canadas-regulators-giving-one-token-sale-big-break/

Emworks

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They did what they have to do, goverment duty is to protect their people and economy, china goverment just realised that cryptocurrency can be use to make a fruad act and can easy manipulated as meduim for illegal activities.So they make a necessary action to stop it.and they saw that ICO project is one of them, this act will serve as a wakeup call and other countries will probably follow china leads.

Insanerman

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Quote from: Usuadog on September 06, 2017, 05:25:56 AM

Quote from: Mieehayii on September 06, 2017, 05:06:19 AM

kroken, japan had followed chinese goverment.

If anything, the process will be on and off like how the Chinese government was banning Btc then unbanning Btc.

Thats a possibility but before they unbanned it, they should formulate a framework or regulations or something like a guideline before an ICO is out to the public. Tis is to minimize scams ICO and to protect the investors also.

cryptothreads

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I think this will never happen because the Chinese market is strongly influenced by ICO projects. If that happens then surely this is the biggest loss in the Cryptoucurrency market and Bitcoin prices are definitely will be affected

mangodream

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Quote from: LittleDiver on September 05, 2017, 05:25:00 PM

Quote from: mangodream on September 05, 2017, 05:16:36 PM

Yes it could happen elsewhere.
I think we must not lose sight of the fact that Bitcoin and cryptocurrencies are creating a new economic system which is a thread for central banks, state institutions and so on. And states and banks are still very powerful! So, they could present cryptocurrencies like something bad, dangerous, not safe, and they could make them illegal to protect themselves.

So there is no real way to protect your investments? Just hope that it won't happen in nearest future?

I invite you to read this interesting point of view: http://www.marketwatch.com/story/bitcoin-ether-and-other-cryptocurrencies-may-be-seeing-the-beginning-of-the-end-2017-09-06
You will better understand that actually it will be difficult to keep your investments safe if states decide to change economics rules.

I think we must be careful : China has decided to regulate ICO's according to its interests, Russia wants to forbid cryptocurrencies (and then ICOs) for "people" and keep it for traders and "specialists" in economy. Thus, we have here two huge oriental economies (the most powerful actually, in the most authoritarian countries by the way) who are deciding to take ownership of the financial power of cryptocurrencies. I don't look it favourably...

Usuadog

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Quote from: Mieehayii on September 06, 2017, 05:06:19 AM

kroken, japan had followed chinese goverment.

If anything, the process will be on and off like how the Chinese government was banning Btc then unbanning Btc.

Makka

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Quote from: LittleDiver on September 05, 2017, 04:37:34 PM

Recently the government of China has forbidden all ICOs and initiated a major check of all projects. Moreover, all ICOs now have to return the funds to investors.
Do you think same thing might happen in other countries as well, or everything will stop on China?

Is this true that all the projects that have already successfully finished their respective ICOs will have to return all the funds to their investors? I can't believe it. It seems this will further complicate the matter. Regarding the next movement of other countries, I think they will unlikely follow the steps of china.

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