News from the China front: The vice president of Law School of China's People's University and the director of the Center for Financial Technology Bangkok-Yang Dong has stated in a speech that Chinese cryptocurrency regulations are forthcoming. Bangkok-Yang Dong was one of the people involved in the policy-making progress of the current Chinese regulations.
NEW REGULATIONS
During a speech during the Southeast Asia Blockchain Summit Yang Dong explained the current regulations of the Chinese government as a way to scare off 'bad projects' and ensure that only 'good projects' remain, in order to foster a healthy ecosystem for development and innovation.Yang dong further disclosed that China is 'about' to release new policy on cryptocurrencies, and that a pilot program for ICO's may be launched.
Exact details on the upcoming regulations are still unknown but Yang Dong did say that OTC trading as well as overseas exchanges would still remain strictly regulated. A total ban on cryptocurrencies and ICO's is not forthcoming, in any case.
ICO PILOT PROGRAM
Yang Dong also stated that the China Securities Regulatory Commission may in fact launch a pilot program for an ICO, within a government controlled environment, which should set a sort of legal precedent for compliant ICO's.All in all these are very positive developments. Although a time frame is still unclear other than 'in 2018', I do not think Yang Dong would mention these pieces of news at a Blockchain Summit if it was still in the distant future. I suspect the ICO pilot may take a little bit longer, but we may be seeing more loose Chinese crypto regulations before the summer?
If that happens, I'm going to be a very happy gal! It is common among investors to expect Chinese coins such as NEO and QTUM to absolutely moon the moment that China opens up the floodgates. And this is precisely the reason why I hold NEO: it's the Chinese blockchain aiming for compliancy. It's been doing pretty great lately, definitely, but once China loosens it's tight grip I believe NEO will absolutely claim the crown of 'Ethereum of China'. I can't wait.
>> Read the news yourself on 8btc.com <<
I did buy a small bit of Qtum, just couldn't resist when the price started to pick back up in December.
How exactly are they going to know what's a 'good' or 'bad' project.
Seems to me like they just want control over crypto trading in China.
Like Jessie J sings in her song 'Price Tag'- "it's all about the money money money"
Yes. This is another indicator of the nature of the Chinese government to dominate all aspects of civilian life. Cryptocurrency can go on without China.
Thanks for sharing. Gives good insight! Also, I don't know if I missed anything, but isn't the picture up top of the US and not China?
Oh LOL you're right.
I thought I had this one:
Not sure how the USA ended up in there!!!
Haha nice, thanks I felt somewhat like an ass By complaining about it, sorry :)
It's very hard to find anything negative about NEO isn't it? ๐
A tiiiiny bit here and there, but not much!
Especially now that EOS which is super hyped announced that they are running DPOS+BFT as a consensus protocol. That sounds suspiciously like dBFT which NEO already has.
Thanks for the heads up. Sounds bullish indeed.
Though I am not convinced about NEO and the idea that a crypto could have a geographic bias is kind of foreign to me. I still see crypto as borderless and should stand on it's own technical merit.
NEO actually makes it a big point to be global as opposed to Chinese. It's more us westerners pegging them as the Ethereum of China - they are not all that popular in China I understand! It's mostly western buying power increasing the price so far.
But I do think that when China opens up, the price of NEO will increase a lot. Maybe it's not even Chinese people buying then either.. but again us westerners again :)
I have heard that it is not popular in China....while the Westerners are buying it because they think it's going to be popular in China. Sounds like a dangerous disconnect there. Enough of a red flag for me to stay away for now.
I love your comic. The post was also informative. Do you think regulations will cause a temporary bear pull out of crypto like what happened in Korea last week?
Thanks!!
I don't think so! China's regulations are already super strict.. new regulations will actually create a more friendly environment for crypto in China most likely. I fully expect Chinese coins to completely take off once China announces new regulations - at least as long as those coins are compliant with China's demands.
I think that's what crypto needs. Some sort of way to filter out those bad, scammy projects. Looking forward to seeing how the new regulation will affect crypto.
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ty for the info :)