Let me help with the translation:
1. The previous translations are spot on. However, minor point is that it does not mention bitcoin or ethereum per say, but applies to all crytocurrencies or tokens.
2. Same. ICOs in progress/completed must refund investors.
3. Same. Exchanges not allowed.
4. Same. Banks and financial institutions are not allowed to be involved in crypto.
5. ICO investors bear all losses in any event.
6. Warning to financial institutions not to get involved in cryptocurrency or else... (typical chinese paternalism)
Topic: ICO is officially banned in China !!! - page 20. (Read 11280 times)
Here's the list of ICOs banned by China:
Looks like nothing of value was lost. Purge that shit.
Once the markets realize this is not a global ban of all ICOs, but only some ICOs that no one even knows, BTC will be the first to go back up, followed by speculative altcoin money short after.
Stop falling for the good ol chinese tricks and traps and buy the dip.
Looks like nothing of value was lost. Purge that shit.
Once the markets realize this is not a global ban of all ICOs, but only some ICOs that no one even knows, BTC will be the first to go back up, followed by speculative altcoin money short after.
Stop falling for the good ol chinese tricks and traps and buy the dip.
The war against cryptocurrencies have started. Little wonder the collective market cap shrunk over the weekend. I see neo,bitcoin and other alts lost ground. Hopefully it is temporary.
In opposition to the intervention of the government, proper ICO's should be extracted from the others long time ago, this should be seen also in other countries as well in a short time. Also this is not a good feedback for bitcoin.
Maybe in China have certain thoughts about bitcoin. can also the government there a bit sentimental with bitcoin due to bitcoin ditemukaan by satoshi which incidentally comes from japan. you know that China and Japan will never get along
I doubt that serious financial business is conducted based on the petty nationalism and grudges between countries. After all, no one believes that Satoshi was Japanese, so who would really care, besides he has nothing to do with Bitcoin anymore and definitely not with ICOs. This theory would be a really big stretch.
this is actually a very sad problem, but china step for tires ico is right because some months is rampant once new ico ico that can not be controlled
While I immediately disagree with central invervention, I would have to say that this is the right move, in the context of protecting a lot of normal people. This can only be the result of pressure from very vocal and public complaints against the majority of Chinese ICOs, mostly people new to crypto, burning entire life savings into buying something they didn't understand. There's an entire microcosm of Chinese forums and social media filled with "netizens" who got bit by the latest ICO hit and run. It's the fault of greedy people thinking they found the latest way to multiply their money without any effort.
This is really reminiscent of the steps the Chinese government took with so-called P2P lending platforms in China when hundreds of them (many accepting Bitcoin) fleeced millions of dollars from Chinese citizens under the guise of business lending. I'm almost certain the same groups running them are behind a lot of ICOs.
This is really reminiscent of the steps the Chinese government took with so-called P2P lending platforms in China when hundreds of them (many accepting Bitcoin) fleeced millions of dollars from Chinese citizens under the guise of business lending. I'm almost certain the same groups running them are behind a lot of ICOs.
Well put, especially the part about protecting people, considering what happened in China in 2015/2016.
https://en.wikipedia.org/wiki/2015%E2%80%9316_Chinese_stock_market_turbulence
Maybe in China have certain thoughts about bitcoin. can also the government there a bit sentimental with bitcoin due to bitcoin ditemukaan by satoshi which incidentally comes from japan. you know that China and Japan will never get along
Not really.
It's purely driven by concerns the ICO bubble grows into something more fraudulent causing instability in society.
If you followed Chinese financial market news closely, you'd know the chinese govt has had very extremem measures to cope with volatility in the stock market 2 years ago.
Whatever China govt does, they always mostly just care about stability as China is huge and difficult to manage.
Hence this has nothing to do with national sentiment or anything like that. it's really just for the sake of market stability.
While I immediately disagree with central invervention, I would have to say that this is the right move, in the context of protecting a lot of normal people. This can only be the result of pressure from very vocal and public complaints against the majority of Chinese ICOs, mostly people new to crypto, burning entire life savings into buying something they didn't understand. There's an entire microcosm of Chinese forums and social media filled with "netizens" who got bit by the latest ICO hit and run. It's the fault of greedy people thinking they found the latest way to multiply their money without any effort.
This is really reminiscent of the steps the Chinese government took with so-called P2P lending platforms in China when hundreds of them (many accepting Bitcoin) fleeced millions of dollars from Chinese citizens under the guise of business lending. I'm almost certain the same groups running them are behind a lot of ICOs.
This is really reminiscent of the steps the Chinese government took with so-called P2P lending platforms in China when hundreds of them (many accepting Bitcoin) fleeced millions of dollars from Chinese citizens under the guise of business lending. I'm almost certain the same groups running them are behind a lot of ICOs.
Maybe in China have certain thoughts about bitcoin. can also the government there a bit sentimental with bitcoin due to bitcoin ditemukaan by satoshi which incidentally comes from japan. you know that China and Japan will never get along
Just as an additional highlight, from 3:
任何所谓的代币融资交易平台不得从事法定货币与代币、“虚拟货币”相互之间的兑换业务
法定货币 means literally "Legal currencies", 代币 means Tokens and “虚拟货币” means cryptocurrencies
So... exchange between fiat and tokens OR cryptocurrencies are officially banned. Even if the cryptocurrencies themselves are not banned, such action serves a great blow nevertheless.
任何所谓的代币融资交易平台不得从事法定货币与代币、“虚拟货币”相互之间的兑换业务
法定货币 means literally "Legal currencies", 代币 means Tokens and “虚拟货币” means cryptocurrencies
So... exchange between fiat and tokens OR cryptocurrencies are officially banned. Even if the cryptocurrencies themselves are not banned, such action serves a great blow nevertheless.
No possibility that this means "no token/crypto or token/fiat trading?"
Did someone forget to tell the Chinese exchanges? Because their BTCCNY tickers are all chugging away normally right now. If cnLedger says that this doesn't affect cryptocurrencies, then I'm not jumping to the opposite conclusion yet.
In the FT's coverage of the story, they also seem to refer only to ICOs (the "cyber currency fundraising mechanism"), not assets like BTC:
Quote
Bitcoin eases after China blocks key cyber currency fundraising mechanism
https://www.ft.com/content/56035558-2fc8-3662-b649-01066f69e26d
https://www.ft.com/content/56035558-2fc8-3662-b649-01066f69e26d
I've updated my previous reply. Actually you did make me found something I am not quite sure about. Interesting though...
As for "no token/crypto or token/fiat trading", I go by my original translation
法定货币与代币、“虚拟货币”
与 serves more as "and" and 、serves more like a symbol combining the latter two terms into one single term. So it should be "no fiat/token or fiat/crypto trading" (source: I am a native speaker of Chinese)
NEO's price took a hit. Panic sellers all over the place. I even witnessed a 115BTC buy order getting filled at 0.004btc. Maybe its a good time to scoop some. I do think NEO will still continue after all it is not just an ICO platform but a blockchain project.
Just as an additional highlight, from 3:
任何所谓的代币融资交易平台不得从事法定货币与代币、“虚拟货币”相互之间的兑换业务
法定货币 means literally "Legal currencies", 代币 means Tokens and “虚拟货币” means cryptocurrencies
So... exchange between fiat and tokens OR cryptocurrencies are officially banned. Even if the cryptocurrencies themselves are not banned, such action serves a great blow nevertheless.
任何所谓的代币融资交易平台不得从事法定货币与代币、“虚拟货币”相互之间的兑换业务
法定货币 means literally "Legal currencies", 代币 means Tokens and “虚拟货币” means cryptocurrencies
So... exchange between fiat and tokens OR cryptocurrencies are officially banned. Even if the cryptocurrencies themselves are not banned, such action serves a great blow nevertheless.
No possibility that this means "no token/crypto or token/fiat trading?"
Did someone forget to tell the Chinese exchanges? Because their BTCCNY tickers are all chugging away normally right now. If cnLedger says that this doesn't affect cryptocurrencies, then I'm not jumping to the opposite conclusion yet.
In the FT's coverage of the story, they also seem to refer only to ICOs (the "cyber currency fundraising mechanism"), not assets like BTC:
Quote
Bitcoin eases after China blocks key cyber currency fundraising mechanism
https://www.ft.com/content/56035558-2fc8-3662-b649-01066f69e26d
https://www.ft.com/content/56035558-2fc8-3662-b649-01066f69e26d
RIP $NEO, and other Chinese ICOs...
Is there a list of Chinese ICOs?
Is there a list of Chinese ICOs?
This greatly affects NEO as well, I think China just shoot themselves into the foot with this one. They could have lead the way to a better crypto world. Sure, regulate, inspect, improve, be cautious...but ban??
Brief English explanation of the announcement: (I am not a good translator so correct me if necessary)
1. ICOs = illegal fundraising. Bitcoin and Ethereum are not currencies and should not be used as currencies in transactions.
2. No organizations and individuals are allowed to start ICOs, and ongoing ICOs should stop immediately with investments send back to investors.
3. (Important) No cryptocurrency exchanges are allowed to offer currency-to-"cryptocurrency" exchange any longer, a.k.a. e.g. no CNY-to-Bitcoin or Bitcoin-to-CNY exchange allowed.
4. Financial institutes that are not banks must not offer any related services.
5. Investors into ICOs must take full responsibility into their actions (that is to say, if you lose your assets through such "investment", no laws would protect you)
6. blah...
1. ICOs = illegal fundraising. Bitcoin and Ethereum are not currencies and should not be used as currencies in transactions.
2. No organizations and individuals are allowed to start ICOs, and ongoing ICOs should stop immediately with investments send back to investors.
3. (Important) No cryptocurrency exchanges are allowed to offer currency-to-"cryptocurrency" exchange any longer, a.k.a. e.g. no CNY-to-Bitcoin or Bitcoin-to-CNY exchange allowed.
4. Financial institutes that are not banks must not offer any related services.
5. Investors into ICOs must take full responsibility into their actions (that is to say, if you lose your assets through such "investment", no laws would protect you)
6. blah...
If this is accurate, point number 3 is a pretty big concern and will impact trading in China massively.
Yes this is accurate. see my translation also. no fiat to crypto, not even USD.
I posted a longer translation in #12
@cnLedger, a popular source for Chinese cryptocurrency and Bitcoin news, made this clarification just now:
Quote
5/ To clarify, in the notice PBoC used two different notions: Crypto-Currency (BTC, ETH) and Tokens. ICO ban =/= Crypto-Currency ban.
https://twitter.com/cnLedger/status/904638606857330688It sounds to me like this is aimed strictly at ICOs, not cryptocurrencies. But naturally, this is a developing story and I don't think anyone has a full grasp on the ruling. Also, the PBOC changes their mind all the time...
Just as an additional highlight, from 3:
任何所谓的代币融资交易平台不得从事法定货币与代币、“虚拟货币”相互之间的兑换业务
法定货币 means literally "Legal currencies", 代币 means Tokens and “虚拟货币” means cryptocurrencies
So... exchange between fiat and tokens OR cryptocurrencies are officially banned. Even if the cryptocurrencies themselves are not banned, such action serves a great blow nevertheless.
OOOPS.
Just reviewed the original line:
代币融资交易平台 = Token financing and exchange platforms
I am not sure if exchanges such as OKCoin are considered a major "Token" exchange platform (instead of Cryptocurrency exchange platform). So I am not quite sure about the wording now...
They will surely save BTC and ETH , I've just remembered their Mining facilities, with this law/announcement/policy of china towards ICO will surely leave a positive remark to BTC's progress specially in China and also we will see the growth of BTC in general.
Well, it's a bloody Monday but let's see how things settle in the next week. As of now the ETH price didn't drop as hard as I would have expected it given the sensational news. Maybe because US is fairly asleep?
Brief English explanation of the announcement: (I am not a good translator so correct me if necessary)
1. ICOs = illegal fundraising. Bitcoin and Ethereum are not currencies and should not be used as currencies in transactions.
2. No organizations and individuals are allowed to start ICOs, and ongoing ICOs should stop immediately with investments send back to investors.
3. (Important) No cryptocurrency exchanges are allowed to offer currency-to-"cryptocurrency" exchange any longer, a.k.a. e.g. no CNY-to-Bitcoin or Bitcoin-to-CNY exchange allowed.
4. Financial institutes that are not banks must not offer any related services.
5. Investors into ICOs must take full responsibility into their actions (that is to say, if you lose your assets through such "investment", no laws would protect you)
6. blah...
1. ICOs = illegal fundraising. Bitcoin and Ethereum are not currencies and should not be used as currencies in transactions.
2. No organizations and individuals are allowed to start ICOs, and ongoing ICOs should stop immediately with investments send back to investors.
3. (Important) No cryptocurrency exchanges are allowed to offer currency-to-"cryptocurrency" exchange any longer, a.k.a. e.g. no CNY-to-Bitcoin or Bitcoin-to-CNY exchange allowed.
4. Financial institutes that are not banks must not offer any related services.
5. Investors into ICOs must take full responsibility into their actions (that is to say, if you lose your assets through such "investment", no laws would protect you)
6. blah...
If this is accurate, point number 3 is a pretty big concern and will impact trading in China massively.
Yes this is accurate. see my translation also. no fiat to crypto, not even USD.
I posted a longer translation in #12
@cnLedger, a popular source for Chinese cryptocurrency and Bitcoin news, made this clarification just now:
Quote
5/ To clarify, in the notice PBoC used two different notions: Crypto-Currency (BTC, ETH) and Tokens. ICO ban =/= Crypto-Currency ban.
https://twitter.com/cnLedger/status/904638606857330688It sounds to me like this is aimed strictly at ICOs, not cryptocurrencies. But naturally, this is a developing story and I don't think anyone has a full grasp on the ruling. Also, the PBOC changes their mind all the time...
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