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China’s ICO Ban: The Cryptocurrency Crash and How Governing Bodies View Cryptocurrencies
Friday 8 September 2017

On Monday, the cryptocurrency market took a huge hit as China banned individuals and organisations from raising money via the use of Initial Coin offerings (ICOs). China is the world’s largest cryptocurrency market and the implementation of the regulation left the market down 18%.
 

Despite being the largest provider of funds to cryptocurrencies, China’s government is clear on its stance towards the decentralised, digital currency saying it has, “seriously disrupted the economic and financial order”.
 
Taking this into account, how are governing bodies around the world currently responding to the use of cryptocurrencies?
 
Over the past few years we have seen the USA clamp down on cryptocurrencies. In 2015, New York saw the first BitLicenses put in place, via the Virtual Currency Regulations. The BitLicense meant that anyone who resided or conducted business within the State of New York, needed the license to carry out activities using virtual currencies.
 
More recently, the USA have approached its legislation regarding cryptocurrencies with greater suspicion, after President Donald Trump signed a bill that included a national security strategy concerning the funding of terrorism and tackling forms of “illicit finance”. The bill included a provision on cryptocurrencies and applied sanctions against Russia, Iran and North Korea. This means that the US government will be allowed to conduct research into the financial trends of cryptocurrencies, ultimately impinging on their decentralised status.
 
Despite the USA’s frantic worries about Russia’s motives when using cryptocurrencies, Russia’s general attitude towards their use is yet again one of concern. In early September, Russia’s central bank issued a warning against cryptocurrencies as “high risk” saying it is “premature” to use them in organisations in Russia. Furthermore, Anatoly Aksakov, leader of the State Duma’s financial markets committee, announced that there is already a group working towards laws regulating cryptocurrencies.
 
However, Russia’s true stance towards cryptocurrencies has come under question, as an assistant of Russian President Vladimir Putin has said that the leader is moving towards holding an ICO himself! Yet currently, this is still hearsay and shouldn’t be taken too seriously when observing Russia’s political approach towards cryptocurrencies.
 
Back at home in England however, the brief cryptocurrency crash has effected traders in a different way. With traditional English manner and a hint of stiff upper lip, the UK have decided not to wage all-out war on cryptocurrencies. Instead it’s been recognised that there is a need for a trustworthy platform to be inserted into the UKs regulatory platform. This has been addressed by British think-tank, The Centre for Citizenship, Enterprise and Governance (CCEG), with their Seratio platform ICO and Seratio Token. The Seratio token is largely accepted in the cryptocurrency community, yet it will be the first ICO in the English regulatory system. Still, with cryptocurrencies being addressed in this way, the token won’t truly be decentralised.
 
Countries throughout the EU seem to be doing their own thing. There are some countries that are in favour of the use of cryptocurrencies, examples being Malta and Estonia. The Dutch Central Bank has created its own cryptocurrency, while the European Central Bank has launched a joint research project with The Bank of Japan into possibly using a distributed ledger.
 
In the face of all these opposing views and the blows that cryptocurrencies have taken, they have managed to quickly get back on their feet. Only a few days after the crash, they are back up by 16%. It looks like Bill Gates could be right when he said cryptocurrencies are unstoppable, it’s hard to argue with the co-founder of the once unstoppable force that is Microsoft.

CIPR Excellence Awards 2014 Winner
Copyright © 2018 SkyParlour Limited
Registered in England and Wales, Company Registration Number 07009362
Our Cookie Policy can be found here
News Article
China’s ICO Ban: The Cryptocurrency Crash and How Governing Bodies View Cryptocurrencies
Friday 8 September 2017

On Monday, the cryptocurrency market took a huge hit as China banned individuals and organisations from raising money via the use of Initial Coin offerings (ICOs). China is the world’s largest cryptocurrency market and the implementation of the regulation left the market down 18%.
 

Despite being the largest provider of funds to cryptocurrencies, China’s government is clear on its stance towards the decentralised, digital currency saying it has, “seriously disrupted the economic and financial order”.
 
Taking this into account, how are governing bodies around the world currently responding to the use of cryptocurrencies?
 
Over the past few years we have seen the USA clamp down on cryptocurrencies. In 2015, New York saw the first BitLicenses put in place, via the Virtual Currency Regulations. The BitLicense meant that anyone who resided or conducted business within the State of New York, needed the license to carry out activities using virtual currencies.
 
More recently, the USA have approached its legislation regarding cryptocurrencies with greater suspicion, after President Donald Trump signed a bill that included a national security strategy concerning the funding of terrorism and tackling forms of “illicit finance”. The bill included a provision on cryptocurrencies and applied sanctions against Russia, Iran and North Korea. This means that the US government will be allowed to conduct research into the financial trends of cryptocurrencies, ultimately impinging on their decentralised status.
 
Despite the USA’s frantic worries about Russia’s motives when using cryptocurrencies, Russia’s general attitude towards their use is yet again one of concern. In early September, Russia’s central bank issued a warning against cryptocurrencies as “high risk” saying it is “premature” to use them in organisations in Russia. Furthermore, Anatoly Aksakov, leader of the State Duma’s financial markets committee, announced that there is already a group working towards laws regulating cryptocurrencies.
 
However, Russia’s true stance towards cryptocurrencies has come under question, as an assistant of Russian President Vladimir Putin has said that the leader is moving towards holding an ICO himself! Yet currently, this is still hearsay and shouldn’t be taken too seriously when observing Russia’s political approach towards cryptocurrencies.
 
Back at home in England however, the brief cryptocurrency crash has effected traders in a different way. With traditional English manner and a hint of stiff upper lip, the UK have decided not to wage all-out war on cryptocurrencies. Instead it’s been recognised that there is a need for a trustworthy platform to be inserted into the UKs regulatory platform. This has been addressed by British think-tank, The Centre for Citizenship, Enterprise and Governance (CCEG), with their Seratio platform ICO and Seratio Token. The Seratio token is largely accepted in the cryptocurrency community, yet it will be the first ICO in the English regulatory system. Still, with cryptocurrencies being addressed in this way, the token won’t truly be decentralised.
 
Countries throughout the EU seem to be doing their own thing. There are some countries that are in favour of the use of cryptocurrencies, examples being Malta and Estonia. The Dutch Central Bank has created its own cryptocurrency, while the European Central Bank has launched a joint research project with The Bank of Japan into possibly using a distributed ledger.
 
In the face of all these opposing views and the blows that cryptocurrencies have taken, they have managed to quickly get back on their feet. Only a few days after the crash, they are back up by 16%. It looks like Bill Gates could be right when he said cryptocurrencies are unstoppable, it’s hard to argue with the co-founder of the once unstoppable force that is Microsoft.

CIPR Excellence Awards 2014 Winner
Copyright © 2018 SkyParlour Limited
Registered in England and Wales, Company Registration Number 07009362
Our Cookie Policy can be found here
News Article
China’s ICO Ban: The Cryptocurrency Crash and How Governing Bodies View Cryptocurrencies
Friday 8 September 2017

On Monday, the cryptocurrency market took a huge hit as China banned individuals and organisations from raising money via the use of Initial Coin offerings (ICOs). China is the world’s largest cryptocurrency market and the implementation of the regulation left the market down 18%.
 

Despite being the largest provider of funds to cryptocurrencies, China’s government is clear on its stance towards the decentralised, digital currency saying it has, “seriously disrupted the economic and financial order”.
 
Taking this into account, how are governing bodies around the world currently responding to the use of cryptocurrencies?
 
Over the past few years we have seen the USA clamp down on cryptocurrencies. In 2015, New York saw the first BitLicenses put in place, via the Virtual Currency Regulations. The BitLicense meant that anyone who resided or conducted business within the State of New York, needed the license to carry out activities using virtual currencies.
 
More recently, the USA have approached its legislation regarding cryptocurrencies with greater suspicion, after President Donald Trump signed a bill that included a national security strategy concerning the funding of terrorism and tackling forms of “illicit finance”. The bill included a provision on cryptocurrencies and applied sanctions against Russia, Iran and North Korea. This means that the US government will be allowed to conduct research into the financial trends of cryptocurrencies, ultimately impinging on their decentralised status.
 
Despite the USA’s frantic worries about Russia’s motives when using cryptocurrencies, Russia’s general attitude towards their use is yet again one of concern. In early September, Russia’s central bank issued a warning against cryptocurrencies as “high risk” saying it is “premature” to use them in organisations in Russia. Furthermore, Anatoly Aksakov, leader of the State Duma’s financial markets committee, announced that there is already a group working towards laws regulating cryptocurrencies.
 
However, Russia’s true stance towards cryptocurrencies has come under question, as an assistant of Russian President Vladimir Putin has said that the leader is moving towards holding an ICO himself! Yet currently, this is still hearsay and shouldn’t be taken too seriously when observing Russia’s political approach towards cryptocurrencies.
 
Back at home in England however, the brief cryptocurrency crash has effected traders in a different way. With traditional English manner and a hint of stiff upper lip, the UK have decided not to wage all-out war on cryptocurrencies. Instead it’s been recognised that there is a need for a trustworthy platform to be inserted into the UKs regulatory platform. This has been addressed by British think-tank, The Centre for Citizenship, Enterprise and Governance (CCEG), with their Seratio platform ICO and Seratio Token. The Seratio token is largely accepted in the cryptocurrency community, yet it will be the first ICO in the English regulatory system. Still, with cryptocurrencies being addressed in this way, the token won’t truly be decentralised.
 
Countries throughout the EU seem to be doing their own thing. There are some countries that are in favour of the use of cryptocurrencies, examples being Malta and Estonia. The Dutch Central Bank has created its own cryptocurrency, while the European Central Bank has launched a joint research project with The Bank of Japan into possibly using a distributed ledger.
 
In the face of all these opposing views and the blows that cryptocurrencies have taken, they have managed to quickly get back on their feet. Only a few days after the crash, they are back up by 16%. It looks like Bill Gates could be right when he said cryptocurrencies are unstoppable, it’s hard to argue with the co-founder of the once unstoppable force that is Microsoft.

CIPR Excellence Awards 2014 Winner
Copyright © 2018 SkyParlour Limited
Registered in England and Wales
Company Registration Number 07009362
Our Cookie Policy can be found here
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