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Cryptocurrency’s Difficult Road: China’s ICO Ban
But, these statements don’t come without opposition. Mr Dimon, CEO of JPMorgan Pursuit, said that bitcoin “is not going to function” and that it “is a fraud… worse than tulip lights (in mention of the the Dutch’tulip mania’of the 17th century, accepted as the world’s first speculative bubble)… that may inflate “.He goes to the extent of stating that he could fire workers who were ridiculous enough to trade in bitcoin.
Speculation aside, what’s really planning on? Because China’s ICO bar, other world-leading economies are taking a new explore how a cryptocurrency world should/ may be regulated within their regions. Rather than banning ICOs, different countries however identify the technical benefits of crypto-technology, and are considering preventing industry without totally stifling the development of the currencies. The serious problem for these economies is always to work out how to get this done, as the choice nature of the cryptocurrencies don’t let them to be classified under the guidelines of conventional investment assets.
Several of those places contain Japan, Singapore and the US. These economies seek to ascertain accounting standards for cryptocurrencies, mostly in order to handle money laundering and scam, which have been made more evasive because of the crypto-technology. However, most regulators do acknowledge that there seems to be no actual benefit to completely banning cryptocurrencies due to the financial runs which they take along. Also, probably because it is virtually difficult to shut down the crypto-world for provided that the web exists. Regulators can just only concentrate on areas wherever they might have the ability to exercise some get a handle on, which appears to be where cryptocurrencies meet fiat currencies (i.e. the cryptocurrency exchanges).
While cryptocurrencies look to come below more scrutiny as time progresses, such events do benefit some countries like Hong Kong. Because the Asian ICO bar, many pioneers of cryptocurrency projects have now been pushed from the mainland to the city. Aurelian Menant, CEO of Gatecoin, stated that the company received “a large number of inquiries from blockchain project founders located in the mainland” and that there’s been an observable surge in the amount of Chinese clients registering on the platform.