Fresh Update from China Big Data Expo: Government Bans ICO, Not Cryptocurrency
In the 4th Big Data Expo held in China on May 26, most opinion leaders, government and scholars have discussed about the latest status regarding blockchain, cryptocurrency and ICO.
According to Laura Xiaolei Liu,Professor of Finance at Guanghua School of Management, Peking University, “ICO is considered as illegal crowdfunding, as well as centralized trading like crypto exchanges. However, government doesn't ban peer to peer trading for Bitcoin.”
Regarding ICO, Shoucheng Zhang, Founding Chairman of Danhua Capital, also commented that, “New comers are advised to invest in projects that have been through several fundraising tranches from VCs or endorsed by prominent VCs. Since VCs are way more experienced and with deeper understanding toward the whole blockchain ecosystem.”
The debates between the blockchain bubble are also fierce and divided into 3 parts Don Tapscott, “cryptocurrency bubble”, “ICO bubble” and then “blockchain bubble”.
The instability of this ecosystem offers chances as well as failures, depending on whether the technology and implementation can catch up or not.