More Bad News Ahead For Chinese Bitcoin, ICO, Cryptocurrency Markets
The Chinese government intends to further regulate the crypto economy, according to reports from Yicai, the Chinese financial news agency.
The report indicates that the government has only just begun to regulate cryptocurrencies and ICOs, after Monday’s ban on ICOs.
The news of the ban left many ICO companies seeking to return money to investors in order to remain government compliant. Many ICOs canceled, while some continued unfazed.
The announcement cited sources close to financial decision makers within the government who indicated that the ban was just the tip of the proverbial iceberg regarding regulations on cryptocurrencies and their spin-offs.
Markets recoil
The cryptocurrency markets responded to the news rapidly, with huge sell-offs in Ethereum (down 15 percent on the week) and other coins linked to ICOs. Chinese cryptos also lost value, with NEO dropping as much as 30 percent on huge volumes.
Other countries have also promised increased regulation. South Korea recently stated its intention to regulate the cryptocurrency industry, and may also move to ban ICOs. The news only compounds the questions regarding cryptocurrency values and stability, given their lack of government sponsorship and approval.
source :
https://cointelegraph.com/news/more-bad-news-ahead-for-chinese-bitcoin-ico-cryptocurrency-markets
Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://cointelegraph.com/news/more-bad-news-ahead-for-chinese-bitcoin-ico-cryptocurrency-markets
Congratulations @ehmir! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPCongratulations @ehmir! You have received a personal award!
Click on the badge to view your own Board of Honor on SteemitBoard.
For more information about this award, click here
Congratulations @ehmir! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Vote for @Steemitboard as a witness to get one more award and increased upvotes!