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China ICO ban is temporary, will introduce licensing soon hints Chinese Official

The FUD over the China ICO ban seems to be over. After causing a global panic on Monday with the announcement of an ICO ban, a Chinese official has clarified the position saying that China will look to resume ICOs in the future after establishing licensing regulations. This was done via an interview on CCTV-13, a state run national television channel in China. When asked about whether the ban could stop innovation in the Blockchain Space, the official responded that this was not the intention of the ban and it was meant to protect investors. The explicitly said this was a “Stop” and not a “Forbidden” . The interview proceeded to mention Fintech and the benefits of it. One important take home is that talk about “regtech” – regulation technology, something that might be implemented in the future to allow ICOs that really need the money to be controlled and licensed.

Check a video recording of the CCTV-13 interview:

http://finance.chinanews.com/shipin/2017/09-06/news730639.shtml

China ICO ban Timeline (Source Measurable Data Token)

Who was interviewed and it matters?

The interviewee, Hu Bing is from 中国社会科学院金融研究所 ( Institute of Finance and Banking, an academic research organization that’s only loosely affiliated with the State). This is important because he is not a major government official and the choice of the speaker is very strategic. Depending on how you interpret it, the speaker could represent the current line of thought for the government but also allow room to change their opinion if things go awry.

Discussion on Boxmining 

Michael
I’m Michael Gu, Creator of Boxmining. I’ve been involved in the digital asset and Blockchain space since 2012. Something I immediately noticed was that accurate information is hard to come by in this space. More often than not, we find extremely biased information that exploits the complexity of blockchain to obscure facts. Having been around before bitcoin or blockchain was even “cool” meant that I had to do a lot of discovery myself, and along the way, I had many successes, but also made mistakes. I started Boxmining in 2017 mainly as a passion project, to educate people on digital assets and share my experiences. Being based in Asia, I also found a huge discrepancy between digital asset trends and knowledge gap in the West and China. So I leveraged my knowledge and positioning to bridge that information gap and let people know what is truly happening. This journey has been nothing short of exhilarating for me, starting from when I mined Bitcoin in grad school to appearing on China’s national television as an overseas expert on blockchain technology, and having the honour of interviewing leading crypto entrepreneurs, including Binance CEO Changpeng Zhao and FTX founder Sam Bankman-Fried.

26 COMMENTS

  1. How are we sure that guy represents the government? He’s the deputy director of the Chinese Academy of Social Sciences, an academic research organization that’s only loosely affiliated with the State.

  2. i believe he was speaking for the government, otherwise he would not be allowed him speak this way on state television.

  3. “will look to resume ICOs in the future after establishing licensing regulations”
    So this is a nice way of saying they will drown this in so much paperwork and red tape Chinese ICOs will be an urban myth to tell your great great grandchildren about

  4. LOL! as if NEO didnt have a MASSIVE bullrun with ATH just couple of weeks ago…Try a different argument kid!

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