Topic: ICO is officially banned in China !!! - page 12. (Read 11280 times)

No matter if a country is communist or capitalist, they always take their own benefits whn it comes to their advantage. Their ideologies doesn't change this. USA or China are the good examples.

They tried to ban all ICO, let's see what's gonna happen.

The only right course of action is to wait and hold, do not sell any coins until you are sure that what you read is not a rumor spread by someone trying to gain something from you and other people then and only then you should consider your options, the market has gone down and it is below 4000 the price seems to get a little more stable, just analyze the situation and based on information not rumors take the right decision for you.

Although I can not understand parts of China. I think one of the reasons why China prohibits ICO in their country is that many ICOs are scams and scams. They do this to secure the money of their citizens. But it is their loss because not all ICO is cheating there are some good ICOs out there ... And I think there is also hidden sense about why they forbid ICO

That will protect us. Now people can't create ICO ez. avoid scam. We can verify information about dev

It seems like it's a policy of the Chinese government to protect the citizens from fraud with the ICO projects. Because there are many ICO projects created by someone to treat investors. So when lots of the ICOs became a fraud, the China's acting quickly to make regulations on it. It due to Absolute bloodbath as well. Hope the market turn to be good.

As long as Chinese government enforced restriction in ico this scenario will continue, many ico are now restricting chinese to invest in their ico to protect their company and their investors as well, well see how it's going to be after a month or two.

luckily i am living in hong kong, it is still good for us to create an ICO. however for china, this ban is really ridiculous that the scamming with ICO in regard of cryptocurrency throughout china, IMO, is low compared to Russia or europe, unless with VPNs.

no good for China, they are wanting to centralise everything.

Chinese country is the most complicated and many rules, I'm not sure this rule will make chinese people stop making coin (ICO). Chinese people are so creative, so even though in banned they will continue to work because this is profitable.

Interesting that this had a big effect on some coins that didn't even have an ICO. However most things are recovering now so it will be interesting to see what long term effect this ban has.

Thanks. Many people here in China hold the same view as yours, which is, the Crypto to Crypto exchange should be safe. I am about to translate a recent news report in Chinese into English where you can see this view point (I will post it later). However, I cannot say that your understanding is correct because according to the public statement issued by seven Chinese authorities which I have translated into English, it was clearly stated that the trading platforms (exchanges) shall not conduct the exchange business among "virtual currencies" (Section 3: Enhance the management of token fundraising and trading platforms). Based on such wording, it can't be clearer that Crypto to Crypto exchange is not allowed either.

Having said that, as a matter of fact, many things mentioned in the statement were not actually enforced as of today. For example, the statement also said that the trading platforms (exchanges) shall not conduct the exchange business between Fiat and tokens. However, if you look at the major exchanges in China, they are still providing the exchange services between Chinese Yuan and Bitcoin. Is Bitcoin a kind of token? If yes, why the exchanges can still do the exchange between Chinese Yuan and Bitcoin? Or did the token mentioned in the statement actually mean the coins other than Bitcoin? We don't know because the statement was not clear on it.

Notwithstanding the above, I think the exchange between Bitcoin and other ICO coins is not allowed in China based on the principles of the statement and as a matter of fact, the major exchanges in China have stopped the exchange between Bitcoin and other ICO coins.

Currently, Chinese people can still buy Bitcoin using Chinese Yuan and sell Bitcoin to get Chinese Yuan. The major exchanges in China can still accept the cash deposit from the Chinese investors or refund the cash to the Chinese investors, which means their bank accounts still work. But whether they can keep doing that, we will have to wait and see. Right now, nothing is sure...

Added: please see my translation of an in-depth report on the recent ban in China: https://medium.com/@YaoLiang/china-says-goodbye-to-bitcoin-exchange-the-destruction-of-the-worlds-biggest-bitcoin-market-8ff015d5e59a

Sorry that the language may not be perfect because I did it in a rush but it should be readable.

Capitalist countries and communist countries have ideological differences but when it comes to protect themselves and their interest they are basically the same, China is banning icos if at some point they ban cryptocurrencies in general that would be awfully similar to what the US did when they banned gold ownership.

I think thevreason  that last time were so maby scams, hovweverit is not so honest for really goid projects. Ban it is very strict way. I think will be better to invent new solutions of scam detecting or ico verification.

Though truly profitable, ICOs are considered scams by many but there are few that are truly legitimate. Just the right choice for China because these ICOs are targeting the people of their country because there are many crypto currency investors in China.

I think they may have been looking at crypto's already starting when they investigated the fake trading volumes around Feb-March this year. And when the price ballooned to $4000-$5000 this month, they can no longer ignore if. So they step up specially stopping fake or scam ICO, specially that a lot of Chinese has been investing on it ever since. I guess they just want to protect their people against it, but the timing of the declaration is somewhat off.

Yeah ICO is official banned in China as it was kind of illegal fubdraising of ICO without any rules and regulations therefore China had to ban ICO. One of the reasons was ICO being banned was that there were many fake or scam ICO which would harm traders and other users.But I also don't know what is true as there are many fake news about it topic going on,just to start panic among users.China had done the right thing I think.

ICOs for now are illegal fundraising because actually there are no regulations but as soon as they are able to regulate it, it will cease to be illegal. That is exactly how anything beyond the control of any government is looked at!

I think many news seems to be that they are banning because they want to form regulation for ICO. We have to wait and see how they will treat ICO in future. I think we have to wait and see how their rules will going to be in coming days.

as I speak with my friends who usually read articles about news about bitcoin like this.
they say that last 2015 and 2016, china also banned ico ang bitcoin in their country, but unfortunately they bring it back. then the price of bitcoin increases amazingly.
then this year it also happen again and ethereum also included. and they think history will happen again.
correct me if im wrong.

Thank you for translating to allow non-Chinese to understand what is going on.

From my understanding, China government is banning ICO and Fiat to Crypto Exchange. Is my understanding correct? Does this mean Crypto to Crypto exchange is safe?