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china’s ico ban makes more sense in light of its history with fintech

china’s ico ban makes more sense in light of its history with fintech News Article With The full text news. The Resource Link is down the post and you can View this News Article in the source page.



china’s ico ban makes more sense in light of its history with fintech

advertisement nik milanoviccontributornik milanovic is a fintech enthusiast and mba candidate at insead who previously spent five years at funding circle. more posts by this contributor: china’s decision to freeze fundraising through initial coin offerings continues to roil markets, but the regulatory decision may not be as controversial as the response from the bitcoin community would lead observers to believe.on monday, the people’s bank of china announced that it was implementing a freeze on fundraising through ico’s on chinese exchanges. (here is the original announcement, for mandarin speakers.) the move by china’s central bank, which is roughly equivalent to the fed in the us, looks at first blush to be a blunt response to a nuanced issue.many in the us have chided the pboc for its apparent overreaction. angellist co-founder naval ravikant called the policy a “huge gift to silicon valley and its resident financiers.” vc fred wilson penned a thoughtful post comparing china’s approach to that of the sec in the us, opining that “we needed a cooling off period and if china’s actions are that cooling off period, then i welcome them. however, a blanket ban on icos seems like bad policy to me.”the news is ultimately, like all things blockchain, speculative. ico trading has been frozen on exchanges, and exchanges are complying with government demands to offer refunds. the pboc is mulling freezing bank accounts tied to icos. local regulators have a l...