It looks like South Korea has joined China in banning ICO’s. Reuters reports that regulators are banning the raising of money through all forms of virtual currencies,
SEOUL (Reuters) – South Korea’s financial regulator on Friday said it will ban raising money through all forms of virtual currencies, a move that follows similar restrictions in China on initial coin offerings.
The Financial Services Commission said all kinds of initial coin offerings (ICO) will be banned as trading of virtual currencies needs to be tightly controlled and monitored.
“Raising funds through ICOs seem to be on the rise globally, and our assessment is that ICOs are increasing in South Korea as well,” the regulator said in a statement after a meeting with the finance ministry, the Bank of Korea and the National Tax Service.
Good that bout sums it up.
ICO’s were/are a plague.
sure, Josh, the most revolutionary means of raising money in the history of mankind is just going to go away. I suppose the thousands of global conferences on Blockchain/ICOs, and the billions spent on attending them by millions of sophisticated business people, was all for nothing, and will, in retrospect, be a footnote in the economic history books. Maybe they can quote you in the textbook’s introduction?
It’s obvious that you don’t keep up with the news on Blockchain (other than re-published articles on domain blogs), do you? But you’re probably right: We’ll all just throw in the towel and go back to the old ways of doing things. It was fun while it lasted, though, no?
Bitcoin, litecoin, etc. are all headed to zero.
Blockchain tech will, however, survive as it is eventually utilized by most if not all central banks.
Gene, with all do respect you are lumping in the ICO craze with legitimate use of the technology (Blockchain) and the top crypto’s (BTC/BCH/ETH/XRP/LTC) who were not built or had funds invested as a means to simply raise capital with no real use.
No one is suggesting ALL ICO’s (mind you you can generalize) are not worth while or that the means of payments and contracts that crypto offers will go away.
What will go away or should is the HUNDREDS of ICO’s that have done nothing but us the legit crytpto’s to gain access to fast, easy money.
I had a discussion with ETH about this several months ago as their platform in particular has been great abused to do so. They and their founder have now taken a stance against these ICO’s and withdrawn nearly all support of them.
You have mistook my ICO comment as an attack on Bitcoin and the Tech, it is not.
My thinking is the US/Canada will join S. Korea, China and so on in regulating the ICO’s and bring them in line with more traditional security rules. In this case I do not see it as unwanted regulation but a means to protect the average investor. An investor btw who likely is looking for a quick buck themselves and ignorant to the real goals of these ICO’s or does not wish to know, either way.
I more than keep up Gene on what is going on.
i second that
Raymond, thank you for the news. Please bring back “What have you got for $1000” program. We find it very effective. Thanks again.
looking forward to more countries banning them. its way too easy to scam using these things.
Scams aside, blockchain technology and digital currency are on the upswing not downside.. Most dont understand distributed systems are not controlled even by governments. Cut the head off one, it pops up somewhere else.. Its your money to invest, even if they are scams? If I earn my dollar, can I spend my dollar how I see fit? People buying into ICO’s are using there own money, not tax payers money.. When your playing with other peoples money, your not hustling, etc. Our governments are fat (chances are to get hit by lightning verses fired from a fed job) and want to keep feeding the pig, its not because is has your well being in mind..
Says the guy with a large vested interest in unregulated blockchain tech becoming widely adopted.
Check CNN’s report about Russian attitude to ICO’s and cryptro currency..The minister said she could not stop it so she will join it and regulate it somehow ,woork together with the crypto ppl .
Im very dissapointed in China’s attitude and im sure the ban in only temporary.
China – as great as the country is – always leans towards control. But the ban there on ICOs will not last because all they really want is a piece of each transaction – so once that framework gets put in-place, the ‘ban’ will be lifted.
China sucks and their ban will not be lifted on ICO’s…wake up.
This comes on the heels of the U.S. banning defective ICD’s (Inferior Chinese Drywall)
www. aboutlawsuits.com/congress-passes-chinese-drywall-ban-39351/
Crypto-currency exchanges will probably be next.
Crypto currency should be our future, but seems not. I have doubts that ICO is good for people and its not the next dotcom