China ICO ban is temporary, will introduce licensing soon hints Chinese Official
The FUD over the China ICO ban seems to be over. After causing a global panic on Monday with the announcement of an ICO ban, a Chinese official has clarified the position saying that China will look to resume ICOs in the future after establishing licensing regulations. This was done via an interview on CCTV-13, a state run national television channel in China. When asked about whether the ban could stop innovation in the Blockchain Space, the official responded that this was not the intention of the ban and it was meant to protect investors. The explicitly said this was a "Stop" and not a "Forbidden" . The interview proceeded to mention Fintech and the benefits of it. One important take home is that talk about "regtech" - regulation technology, something that might be implemented in the future to allow ICOs that really need the money to be controlled and licensed.
Check a video recording of the CCTV-13 interview:
http://finance.chinanews.com/shipin/2017/09-06/news730639.shtml
[caption id="attachment_961" align="alignnone" width="1440"]
China ICO ban Timeline (Source Measurable Data Token)[/caption]
Who was interviewed and it matters?
The interviewee, Hu Bing is from 中国社会科学院金融研究所 ( Institute of Finance and Banking, an academic research organization that's only loosely affiliated with the State). This is important because he is not a major government official and the choice of the speaker is very strategic. Depending on how you interpret it, the speaker could represent the current line of thought for the government but also allow room to change their opinion if things go awry.
ICO bubble in China needed some control, and the Gov.likes to show how is the boss, like you said
lol fud
I was sure that China is smart enough to not leave the crypto currency field to others. The ico ban must be a temporary measure that was necessary to correct the path.
Great insight on the Chinese community as always Mike!
The real issue is that a vast majority of people still doesn't understand how Blockchain technology works hence for them BITCOIN is centrally planned by some Joe Schmoe and is not based on some set algorithm based in scarcity and demand. Great post @boxmining. Keep posting more!
I think the "ban" caused a lot of panic globally given the Chinese crypto audience. The licencing should have been subtle and an announcement made when implementation is completed.
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Thanks for good news!
I think the FUD caused by the supposed "ban" was way too much, even if it were as bad as it was initially claimed, a dip of this size would not be justified.
I am glad that ICOs are not banned completely, but I am also happy that they will not be able to continue as before. Some regulation is definitely required. I hope this will raise crypto to new highs!
Lets watch this space.....