• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
NewsBTC
No Result
View All Result
PBoC Official Claims
Nexo Logo

PBoC Official Claims ICO Ban Will not Hinder Blockchain Re Efforts

newsbtc by newsbtc
5 years ago
in Bitcoin
Reading Time: 2 mins read
Advertisement

China’s crackdown on cryptocurrency ICOs has baffled the cryptocurrency sector. Although not entirely surprising, the consequences of this decision remain somewhat vague. One PBoC official claims this decision will not affect blockchain research in the country. Additionally, he further confirms this “ban” is only a temporary measure for the time being. It is evident the blockchain will remain of keen interest to the Chinese government for some time to come.

In a way, the cryptocurrency ICO ban is a positive sign. More specifically, it shows companies should flock to the ICO business model to raise capital without repercussions. After all, this unregulated area enforces no penalties on companies or projects failing to deliver on their promises. Moreover, it allows anyone to create value out of thin air. The privilege should only fall upon central banks. It will eventually be the downfall of the financial sector as we know it, after all.

PBoC Wants to Foster Blockchain Innovation

That said, the ICO ban will still have consequences in China. For now, no one knows exactly what the plan is, other than to regulate coin offerings. One PBoC official explains how there is no desire to stifle blockchain innovation. China has been working on blockchain-related technology for some time now. PBoC director general Sun Guofeng confirms the research into blockchain technology “should not be prevented”.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

It is certainly true initial coin offerings are organized through blockchain technology. However, it is not the only use case for this innovative technology whatsoever. There is no limit as to what DLT can achieve in the coming decades. Some key areas include consumer privacy, immutable data records, and so on. All of those industries are still of great value to the PBoC right now. One can’t deny financial technology brings a whole new set of risks with it. The local government addresses those risks one by one.

What is rather intriguing is how Guofeng made no mention of banning cryptocurrency exchange activity. This sliver of news still remains an unconfirmed rumor at this point in time. It is highly doubtful the PBoC can’t gain anything by preventing cryptocurrency trading whatsoever. If they shut down exchanges, people will resort to less legal methods to do so regardless. No one can stop the era of cryptocurrency, that much is rather evident. Nor should this unconfirmed news impact the price in any way. The demand for Bitcoin and altcoins is still there, regardless of how the trading occurs exactly.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!
Read our comparison of 50 different crypto casinos. Find out who has most generous bonuses, best UX, knowledgeable customer support and best provably fair games.
Tags: Bitcoin Newsblockchainblockchain technologyICO Banpboc
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
newsbtc

newsbtc

Related Posts

Bitcoin Tumbles As Fed Opts For Restrictive Rates

Bitcoin Tumbles As Fed Opts For Restrictive Rates

19 hours ago
Bitcoin Bull Rally Fades, Mining Difficulty Surge By 0.63%

Bitcoin Bull Rally Fades, Mining Difficulty Surge By 0.63%

22 hours ago
Bitcoin

Why Bitcoin Is Cheap At $23,000, Says Fidelity Expert

22 hours ago
Cryptocurrency Market Drains $50B As Bitcoin Touches Weekly Lows

Cryptocurrency Market Drains $50B As Bitcoin Touches Weekly Lows

23 hours ago
Ether options surpass Bitcoin options

Flippening Forewarning? Ether Options Overtake Bitcoin As The Top Crypto To Trade

2 days ago
bitcoin

Bitcoin May Hit $10K As Price Slides Pre-FOMC Meeting

2 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

World’s First Auto-Rebasing Layer 1 Blockchain Is Set for 2023 Release

August 19, 2022

StarBlock Token (STB) Is Now Available for Trading on LBank Exchange

August 19, 2022

LBank Exchange Will List BTCMININGNFT (BMN) on August 19, 2022

August 19, 2022

Investors’ Attention Turn from Sushi (SUSHI) and Holo (HOT) To Favorite Degrain (DGRN)

August 19, 2022

Smart and Social Web3 Platform Blockify Raises $2.2M

August 19, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Bitcoin Casino Reviews

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.