Image Image Image Image Image Image Image Image Image Image Image Image

| November 18, 2018

Scroll to top

Top

China Archives -

U.S. and China Clash Over Trade, Security at Pacific Summit

November 18, 2018 |

Vice President Mike Pence and Chinese President Xi Jinping presented conflicting visions for trade and security in the Asia-Pacific, as the U.S. and China vie for influence.
WSJ.com: What’s News Asia

China, Wooing Summit Hosts, Stamps Its Mark in the South Pacific

November 17, 2018 |

China has pulled out all stops in Papua New Guinea to cast itself as the beneficent power that can help take the small host of a major summit on the path to greatness.
WSJ.com: What’s News Asia

CNN

US at risk of losing war with Russia or China, experts warn

November 15, 2018 |

The Trump administration’s new National Defense Strategy is insufficiently resourced and the US runs the risk of a military defeat by China or Russia, according to a report by a congressionally mandated panel of bipartisan experts that was released Wednesday.
CNN.com – RSS Channel – World

CNN

Young Marxists are going missing in China after protesting for workers

November 14, 2018 |

Fear is sweeping through the campuses of China’s elite universities following a nationwide government crackdown aimed at silencing left-wing student activists, who had been campaigning for greater rights and protections for ordinary workers.
CNN.com – RSS Channel – World

Navarro Blasts China and Wall Street ‘Globalists’

November 11, 2018 |

President Trump’s trade adviser Peter Navarro unleashed a broadside against China and Wall Street executives ahead of a meeting between the U.S. and Chinese presidents at the end of the month in Buenos Aires.
WSJ.com: What’s News Asia

CNN

Trade war? China has bigger problems

November 10, 2018 |

China is riding out the trade war so far but its economic troubles run deep and could escalate rapidly if US tariffs really start to bite.
CNN.com – RSS Channel – World

Trophy Infrastructure, Troublesome Debt: China Makes Inroads in Europe

November 8, 2018 |

Beijing is constructing parallel financial and commercial networks across Central and Eastern Europe to challenge the global order. Its offers give emerging economies a quick path to development and infrastructure—but with downsides, including debt burdens.
WSJ.com: What’s News Europe

Trophy Infrastructure, Troublesome Debt: China Makes Inroads in Europe

November 6, 2018 |

Beijing is constructing parallel financial and commercial networks across Central and Eastern Europe to challenge the global order. Its offers give emerging economies a quick path to development and infrastructure—but with downsides, including debt burdens.
WSJ.com: What’s News Asia

China Targets ‘Disguised’ ICOs in Crypto Crackdown Update

November 6, 2018 |

China Targets 'Disguised' ICOs in Crypto Crackdown Update

The People’s Bank of China (PBOC) has discussed the regulation of cryptocurrencies and initial coin offerings (ICOs) in a recently published report that highlights its plan to crack down on “airdrops,” while laying the groundwork to potentially issue its own virtual currency.

Also Read: Venezuela’s Supreme Court Orders Payment in National Cryptocurrency

Report Highlights Plan to Clamp Down on Airdrops

China Targets 'Disguised' ICOs in Crypto Crackdown UpdateIn the China Financial Stability Report 2018, the PBOC said that it has noted a growing number of “disguised” ICOs since it first launched a crackdown on them last year. It also argued that airdrops are “disguised” ICOs.

“Take airdrops, where tokens are given out for free to participants, rather than raising funds directly in public via ICO, while reserving a portion of the total supply,” the central bank said in the report. “These cryptocurrency startups then try to push tokens’ prices higher in the secondary market in a bid to reap profits.”

Stronger Regulatory Measures for Crypto

China Targets 'Disguised' ICOs in Crypto Crackdown UpdateThe PBOC said that it plans to ramp up its “high pressure” effort to “clean up” the cryptocurrency markets, highlighting four major policy objectives. Firstly, it will seek to maintain a strong regulatory position, while “severely” cracking down on “emerging violations of laws and regulations.” Secondly, the central bank will also “strengthen domestic regulatory coordination” and arrange joint action with multiple regulatory bodies. Thirdly, the PBOC said it will “implement functional supervision requirements.” And lastly, it will “actively promote international cooperation and regulatory coordination” regarding cryptocurrencies.

The report also appears to establish a regulatory basis for the eventual issuance of state-backed cryptocurrencies. “Crypto assets which are not issued by the government do not have legal status equivalent to fiat currencies,” the PBOC said.

Increasing Prevalence of Token Sales

China Targets 'Disguised' ICOs in Crypto Crackdown UpdateOfficial statistics show that 65 ICOs had been completed in China before July 18, 2017, but only five of them were held before the start of that year. The token sales are believed to have attracted participation from approximately 105,000 individuals, generating a total of roughly 2.6 billion yuan ($ 375.6 million). The total raised is estimated to have accounted for over 20 percent of the global sum that was raised through ICOs during the same period.

Do you agree that many airdrops are simply “disguised” ICOs? Share your thoughts in the comments section below.

Images courtesy of Shutterstock

At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post China Targets ‘Disguised’ ICOs in Crypto Crackdown Update appeared first on Bitcoin News.

Bitcoin News