Here’s some good news. It appears that China’s efforts to stop Bitcoin is not doing so well. It’s awfully difficult to shot down a decentralized currency, and it appears it is also difficult to stop people, even in “Communist China,” from trading using that currency. Of course, it also helps when the countries around China are pretty much all in on crypto currency, especially when that country is Japan.
From Coin Telegraph
In early September, China banned initial coin offerings (ICOs) and a week later Chinese authorities shut down major cryptocurrency exchanges in the country. In this article, we will delve into how this ban impacted the whole crypto economy not just in China, but around the world.
Currently in China, many are still concerned about ICO regulation. Despite this worry, business keeps on going as usual with companies saying they cannot stop now that the trend has begun. Even with the bans on the technology the market should keep going. Although the marketing has been paused everyone is waiting to see what happens next.
Hope dies last
Yet, it seems China’s ban will be temporary. Countries like the US and Japan are looking to create new regulations that will help legitimize cryptocurrencies by providing investors protections under already existent securities laws. The new rules can open up a whole new market, allowing companies to raise capital through alternative methods in the future.
Even though the ban is in place, the Chinese are getting creative and trading digital currencies via WeChat and even turning to Telegram, further demonstrating that cryptocurrency is much needed and still have a future in China. Where there is a will, there’s a way.
However, reacting to the news Bitcoin prices immediately fell up to 25 percent – instigating sudden panic in the market. Several Blockchain events – including our BlockShow meetup in Shanghai – were called off fearing China’s strict stance on the cryptocurrencies. Startups that had raised money through initial coin offering had to return all the funds to the investors.
Hope doesn’t die at all
One such company is Atmatrix, a next-generation artificial intelligence (AI) Blockchain with the smart-contract platform, held a successful crowdsale raising approx $50 mln before the ban but had to send all the money back to its investors. They will be taking part in the BlockShow Asia,readily willing to share inside information on the latest situation, as well as their experiences with the current regulation of ICO’s in China. In addition, Atmatrix will gladly be joining the BlockShow as exhibitors and speakers.