After the most recent Bitcoin news from China, the Summit coordinators asked members -investors and crypto stores – to abstain from saying the expression “ICO.”
Dmitry Khan, the strategic advisor of chatbot platform Miniapps.pro was going to Beijing to speak about his platform in “2017 Shape the Future” Blockchain summit when the organizers told him that the event has been delayed and the venue has been changed.
Following this development he said
“That’s okay. More surprising was how this was followed by the ban of ICOs in China. Anyway, we tried to get some meetings in Beijing. Then we came down here in Shanghai, and now they want to shut down Bitcoin trading. Interesting what will happen next week when I go to Hong Kong.”
All these occasions bring out a feeling of some uncertainty among the members of the third Global Blockchain Summit in Shanghai. The discussion is organized by Wanxiang Blockchain Lab – a Blockchain research organization co-founded by Vitalik Buterin together with Wanxiang Holdings – the greatest producer of auto spare parts in China.
After the most recent Bitcoin news from China, the Summit coordinators asked members -investors and crypto stores – to abstain from saying the expression “ICO.” The principle theme was changed and the new theme of the discussion was Blockchain Technology, its benefits, and risks. In any case, the coordinators couldn’t keep entrepreneurs from pursuing investors and making pitches to pre-ICO funds.
Running and taking part in ICO is currently restricted for both Chinese companies and citizens. All Bitcoin exchanges are planning to suspend their services following guidelines from the government.
Maybe the principle objective of the choice to close down Bitcoin exchanging was the Chinese government’s concern that a number of individuals were taking an interest in ICOs. It is significant that only two years back, in 2015, China announced a Year of Blockchain, and included Blockchain in its National Five-Year Plan in 2016.
People here are quite informed about ICOs. That was further encouraged by Chinese passion and new openings in the cryptocurrency market.The Chinese government apparently chose to maintain a strategic distance from a greater problem and take an approach which will ease people’s worries about cryptocurrencies.
Other than that, Beijing still hasn’t discovered the ways regulate the mobilization of the capital via ICOs and licensing of cryptocurrencies.
The Congress gathers at the interval of five years and will decide the various policies. There will be the reshuffle of government and party leaders. After all, these developments will be the regulations on the crypto economy be clear.
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