January 26, 20183min991

IS China finnally ready to accept cryptocurrency?

Cryptocurrencies and Initial Coin Offerings (ICOs) have been hardly punished in China with regulations. But apparently, new regulations prepared for 2018 would end the ban over ICOs. China’s People’s University Law School vice president Yang Dong released the information.

Will Chinese ban of ICOs end in 2018?

The Southeast Asia Blockchain Summit was important for the cryptocurrency community. Mr Yang Dong has spoken there and commented that he believes that the cryptocurrency trading and ICO ban would not continue indefinitely.

When China decided to ban ICOs, the market reacted by losing almost 50% of its value. Bitcoin, which previously reached $5,000 fall down to $3,000 dollars. China has taken the decision to ban Initial Coin Offerings due to the fact that some of them where fraudulent or wanted to steal money. That’s why ICOs were obliged to return the funds received to their owners.

Yang, also a director of the Centre for Financial Technology said during an interview:

“Good ICO projects are allowed to develop in a legal and risk-controlled environment rather than simply adopting a one-size-fits-all approach. The China Securities Regulatory Commission may launch equity crowdfunding pilot program in the near future, which will be an opportunity for ICO to get in compliance.”

About China we have also heard that miners would not be able to keep with their activities. According to local media, the rumours about a cryptocurrency mining ban were not real. They tried to spread fear in the cryptocurrency community. Local governments from several provinces have been welcoming mining activities in some industrial parks. Miners do not create pollution, od not disturb people in the area and they do not need government loans.

But China is not the only market that has been suffering from strict regulations. South Korea has been in the news because of possible regulations that could affect Cryptocurrency trading and other activities. But at UseTheBitcoin we have stopped spreading FUD explaining that a possible cryptocurrency trading ban is illegal in the Asian country.

It will be important to follow which regulations will be available now on in China and how ICOs will be able to operate in this Asian country.

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