Why NEO is crashing? China ICO ‘‘Suspension’’

gacs (38)in #bitcoin • 8 years ago

China ICO ‘Suspension’ Warning Echoes Regulator Treatment Of Exchanges

The People’s Bank of China (PBoC) is reportedly considering a blanket ban on ICOs if lawmakers find “large risks” to consumers.

According to reports from a meeting earlier this month by local news outlet Tencent, the PBoC is actively assessing possible limits on ICO activities in China.

A source told the publication that the meeting included participation from the country’s Securities and Futures Commission, and Banking Regulatory Commission among others.

Among the tools under consideration are controlling the size of ICOs, beefing up requirements for disclosure of information and more overt warnings about the risks associated with investing.

“In addition, if a large risk is found (for investors), the regulator will suspend all activities associated with ICOs and address them,” Tencent stated.

The warnings echo a similar tone from the PBoC on cryptocurrency exchanges themselves earlier this year. After investigatory measures, regulators shut down Chinese exchanges for multiple weeks in order to put new legislative framework in place.

¨While exchanges are now compliant with demands, ICOs still operate in a legal gray area in China, which has led to warnings over the potential punishments for those participating in sales not to authorities’ liking.¨

#cryptocurrency #neo #cryptonews #ico

8 years ago in #bitcoin by gacs (38)

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newpioneer (48) 8 years ago

Hi @gacs.

Thanks for the update on the current investing environment in China. I heard (just last night actually) that centralized authority in China are beginning to crack down again on things. Freedom there is hard to obtain because, I am sure, there is coruption on both levels... resistance from central authorities who don't like the decentralized nature of Crypto Currencies and then also ligitamate restrictions as I know that fraud is at a different level in some of these places of the world.

One thing is sure... despite the friction crypto currency is here to stay and it is here to stay for definite ligitamate reasons. This is a concept who's time has come and it's only a matter of time before the powers that be will have to accept it... it is a force just like gravity because it's based on sound math fundamentals.

It is a utility who's time has come and with the trend aligning towards decentralized technology of all kinds (solar power and Bitcoin for example) those who align themselves with the trend will thrive and those who don't will only be left behind... or worse; run over.

With money (or what people deem to be money) coming of age with the Information Age and the Internet there is sure to be bumps along the way. Depending on the information you receive these are great opportunities to profit from because high and low prices are just that... high and low prices... all that matters is ones position within that asset class.

That being said, however, one should do their due diligence to make sure the Crypto asset they are investing in has solid fundamentals... and one of those factors is in what region of the world the idea is being birthed. If the environment is not conducive to free markets and healthy growth then that is a definite red flag. As well... knowing who is putting the project together is also important as in business and investing integrity is of the utmost importance.

What are your personal thoughts on this matter? I'm sure you must have some as this is the first post that you have shared with us!

And once again thank you for sharing this news! I see that I am the first to follow you and like this post! (Robots don't count! LoL!) Welcome to SteemIt! :D

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