During an interview
with state-owned national television network CCTV-13, Hu Bing, a
researcher at the Institute of Finance and Banking, a Chinese
government-supported academic research organization, claimed that the government’s ban on initial coin offerings (ICOs) is only temporary.
The Chinese Academy of Social Sciences and its Institute of
Finance and Banking are affiliated with the State Council of the
People's Republic of China, the chief administrative authority of the
People’s Republic of China. The Chinese Institute of Finance and its
researchers are considered to be a government institution and government
officials.
“Only temporary”
In his interview with CCTV translated by Box Mining, Bing explained that the suspension on ICOs
and the government’s declaration of ICOs as an illegal fundraising
method are only temporary, until local financial regulators introduce
necessary regulatory frameworks and policies for both ICO investors and
projects.
More importantly, Bing emphasized that the Chinese cryptocurrency community must understand that the government has not “forbidden” ICOs
but instead “paused” them, demonstrating the government’s intention to
resume ICOs in the near future. Bing also noted that the Chinese
government and its financial regulators are currently considering the
potential of allowing ICOs to raise money in a controlled environment,
through a licensing program.
Essentially, if the government decides to legalize and regulate the ICO market,
its licensing program would structure similarly to the BitLicense
program of New York State Department of Financial Services (NYSDF),
which requires companies to obtain a license from the state in order to
operate and serve people of New York.
Leaving the US stage
Many startups in New York have left the state due to the
impractical policies proposed by NYSDF and the BitLicense. Specifically,
even large-scale startups like ShapeShift, which remain as one of the
most widely utilized cryptocurrency exchanges, have left New York
because of the state’s strict policies in regard to Anti-Money
Laundering (AML) and Know Your Customer (KYC) regulations.
But, five companies including Coinbase and Bitstamp have
maintained their operations in the state of New York, spending upwards
to $100,000 in order to obtain their license.
In the upcoming months, it’s possible for the Chinese
government to roll out a licensing program for ICOs, as an attempt to
restructure the market and introduce legitimate ICO projects and
Blockchain startups to the public for token sales and fundraising.
It is important to consider that the Chinese government has
a history of banning many emerging and innovative technologies. For
instance, in 2013, the Chinese government and its financial regulators
had banned Bitcoin on two separate occasions. PBoC went as far to ban
Bitcoin transactions and trading activities. But, as trading activities
simply moved over to over-the-counter markets and the market became even
more difficult to regulate, PBoC and Chinese financial regulators came
to a consensus to legalize and regulate Bitcoin.
one year ago was really a tough year for me,my wife and my family . I have never been the type to believe in online platforms to make money, I have always believed in rendering services and adding apparent values to anything and then making money from it. But when COVID struck,my business had to shut down,then I was left with no choice but to think of other legit ways to make money . I was presented a lucrative offer in ‘FX INVEST OPTION’ since it was the only thing that was making sense as at the time I wanted to invest. All thanks to = GLOBALFXINVESTMENT2@GMAIL.COM, I cannot thank them enough,one of my business associates referred me to them when he heard of my situation after reaching out to loan some money from him ,I contacted them via their email,and related necessary information and requirements as requested by the specialist who asked for all the necessary details and in less than a week ,they were able to retrieve all I lost to this fake investors,It seemed like a dream to me because I had lost all hope. I told them I will tell the whole world about what they did for me,they literally restored me to life. If you’re seeking funds/Cryptocurrency from online scammers , contact them rightly away;- at GLOBALFXINVESTMENT2@GMAIL.COM and also his Telegram @FX_INVEST_OPTION
ReplyDeleteAlso contact him +1 (505) 317-3340…