This is old news. By now, anyone following cryptos (and even people who aren't) are fully aware that China is cracking down on ICOs. I for one, didn't care about it a few months ago when it started and I certainly don't care now.
This is just whales keeping the panic alive so they can continue to manipulate the market. And as usual, there are enough FUD sheep willing to take the bait, so they can and probably will succeed.
If China wants to put regulations on ICOs that is their business. I have personally been scammed by at least 2 ICOs, so it doesn't bother me that China wants to stop scammers.
Topic: The deep dump in China today (Read 1128 times)
Sad, this comes at a time when ICOs are booming in China, with $395 million raised from over 105,000 investors since the start of 2017
ICO in China is forbidden. Many people have money but cannot invest.
Though I think something has to be done to control the ico especially in other to regulate scamming activities but they should not go in the way they did at the early stages of bitcoin by always creat panic and fear for price drop. The regulatory agency should not do they job in a way that will criminalize those other good ones. We also should do our investigation seriously before putting our hard earnings money into ico project.
Sad, this comes at a time when ICOs are booming in China, with $395 million raised from over 105,000 investors since the start of 2017
this is a bad news but think about other side. no more Scam ICO. everything will be gov control
the ico.info website announce that it will stop ico to cooperate with the goverment regulation, which cause great panic, but then CEO appears to say that the regulation doesnt exit, what the fuck
I think many people will lose money in the ICO scams.
Yes, many people will probably loose a lot of money on ICOs. And even on those which are not ment to be a scam... many people are just starting big ICOs like crazy, but they don't have enough know-how and experience to manage / handle such big projects. Many of them will thus fail despite good intentions and the investors will loose their money.
the ico.info website announce that it will stop ico to cooperate with the goverment regulation, which cause great panic, but then CEO appears to say that the regulation doesnt exit, what the fuck
I think many people will lose money in the ICO scams.
It's China - they can make up their regulations as they go along. Here is zerohedge on the story:
http://www.zerohedge.com/news/2017-08-28/china-planning-ico-crackdown
It looks like the scammers are out of control in China, and their government is under pressure to do something about it.
http://www.zerohedge.com/news/2017-08-28/china-planning-ico-crackdown
Quote
Earlier this year, Chinese digital currency exchanges temporarily halted customer withdrawals to upgrade their AML controls at the behest of financial regulators. The halt, which lasted for months, caused a temporary chill in the local bitcoin market, causing China to forfeit its position as the world’s largest bitcoin market. Now, Chinese regulators have signaled that they intend to stage a similar crackdown on initial coin offerings, the latest blockchain-related investing craze.
According to CoinDesk, draft legislation meant to curb so-called "illegal fundraising" includes a provision that targets ICOs.
Here’s more from CoinDesk (translation theirs).
"If the department overseeing illegal fundraising activities found a fundraising without proper permission, or a fundraising that violates the relevant provisions of the State, and if one of the following circumstances is found, the department shall launch an administrative investigation. Other relevant departments shall cooperate with the investigation.
…
(2) to raise funds in the name of issuing or transferring equity, raising funds, selling insurance, or engaging in asset management activities, virtual currency, leasing, credit cooperation and mutual funds..."
According to CoinDesk, the draft would require the government to establish an interdepartmental committee to combat illegal fundraising. It also clarified that participants of illegal fundraising would be responsible for their own losses. The release of the draft legislation follows widespread outrage directed at cryptocurrency-related scams. Last month, several college graduates in Tianjin, China were found dead after being imprisoned and assaulted by members of a pyramid-selling organization.
According to CoinDesk, draft legislation meant to curb so-called "illegal fundraising" includes a provision that targets ICOs.
Here’s more from CoinDesk (translation theirs).
"If the department overseeing illegal fundraising activities found a fundraising without proper permission, or a fundraising that violates the relevant provisions of the State, and if one of the following circumstances is found, the department shall launch an administrative investigation. Other relevant departments shall cooperate with the investigation.
…
(2) to raise funds in the name of issuing or transferring equity, raising funds, selling insurance, or engaging in asset management activities, virtual currency, leasing, credit cooperation and mutual funds..."
According to CoinDesk, the draft would require the government to establish an interdepartmental committee to combat illegal fundraising. It also clarified that participants of illegal fundraising would be responsible for their own losses. The release of the draft legislation follows widespread outrage directed at cryptocurrency-related scams. Last month, several college graduates in Tianjin, China were found dead after being imprisoned and assaulted by members of a pyramid-selling organization.
It looks like the scammers are out of control in China, and their government is under pressure to do something about it.
Which ICO is this?
the ico.info website announce that it will stop ico to cooperate with the goverment regulation, which cause great panic, but then CEO appears to say that the regulation doesnt exit, what the fuck
Jump to: