Cryptocurrency's Rocky Road: China's ICO Ban

2017 was a advertising year for the cryptocurrency market with the attention and development it has achieved. The extreme price volatility pushed the Key bank to adopt more excessive measures, such as the ban of initial cash promotions (ICOs) and clampdowns on domestic cryptocurrency exchanges. Right after, mining factories in China were forced to close down, citing extortionate electricity consumption. Several transactions and factories have moved overseas in order to avoid rules but stayed available to Chinese investors.Fintech however fail to flee the claws of the Chinese Dragon.

In the most recent number of government-led efforts to check and bar cryptocurrency trading among Asian investors, China prolonged their "Eagle Eye" to monitor foreign cryptocurrency exchanges. Businesses and bank reports suspected of carrying out transactions with foreign crypto-exchanges and connected activities are subjected to steps from decreasing withdrawal restricts to cold of accounts. There have even been continuous rumors on the list of Asian neighborhood of more severe actions to be enforced on international programs that allow trading among Asian investors.

"As for whether there will be further regulatory procedures, we must watch for purchases from the higher authorities." Excerpts from an meeting with group chief of the China's Public Data Network Safety Guidance agency under the Ministry of Public Security, 28th FebruaryWHY WHY WHY!?Imagine your youngster trading their savings to choose digital solution (in this situation, cryptocurrency) that he or she doesn't have means of verifying its credibility and value. He or she could get happy and strike it wealthy, or lose everything when the crypto-bubble burst. Today scale that to millions of Asian people and we are speaking about billions of Asian Yuan.

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