Sep

13

China Bans ICOs, from anonymous

September 13, 2017 |

I went to the book release party for "Blockchain Applications in Finance" this evening. The author spoke, as did a Chinese venture capitalist focused on fintech projects.

She likened the recent ICO ban to the government's ban of cryptocurrency trading in 2013. In that case, they slowly relaxed their restrictive stance, allowing exchanges and cryptocurrency ownership.

In 2017, the Chinese ICO market was crowded with scam projects, and in typical Chicom fashion, the government announced an outright ban on ICOs to allow them to inspect each exchange and project, and sort things out. She was fairly confident that the Chinese government would again relax its stance, but with far fewer ICOs going forward.


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1 Comment so far

  1. jim davis on September 16, 2017 10:32 pm

    I always thought it was illegal to run your own lottery or issue your own currency.

    I must have gotten that wrong.

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