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In the wake of China's ICO ban, what beseiges the globe of cryptocurrencies?

The biggest celebration in the cryptocurrency planet recently was the declaration of the Mandarin authorities to turn off the exchanges on which cryptocurrencies are actually traded. As a result, BTCChina, among the largest bitcoin substitutions in China, said that it will be actually ceasing investing tasks by the end of September. This updates catalysed a sharp auction that left bitcoin (as well as various other currencies like Etherium) plummeting around 30% listed below the record highs that were hit earlier this month.

The cryptocurrency rollercoaster continues. With bitcoin having increases that surpass quadrupled values from December 2016 to September 2017, some analysts predict that it can cryptocurrencies can recover from the recent falls.

However, these feelings do not happen without opposition. Mr Dimon, Chief Executive Officer of JPMorgan Chase, pointed out that bitcoin "isn't visiting work" and that it "is actually a fraud ... worse than tulip bulbs (of the Dutch 'tulip mania' of the 17th century, acknowledged as the globe's first experimental blister)... that will definitely blow up". He visits the level of claiming that he will fire workers that were dumb sufficient to trade in bitcoin.

Since China's ICO ban, other world-leading economies are taking a fresh look into how the cryptocurrency world should/ can be regulated in their regions. The big issue for these economies is to figure out how to do this, as the alternative nature of the cryptocurrencies do not allow them to be classified under the policies of traditional investment assets.

Most regulators do recognise that there seems to be no real benefit to completely banning cryptocurrencies due to the economic flows that they carry along. Regulators can only focus on areas where they may be able to exercise some control, which seems to be where cryptocurrencies meet fiat currencies (i.e. the cryptocurrency exchanges).

While cryptocurrencies seem to come under more scrutiny as time progresses, such events do benefit some countries like Hong Kong. Since the Chinese ICO ban, many founders of cryptocurrency projects have been driven from the mainland to the city. Aurelian Menant, CEO of Gatecoin, said that the company received "a high number of inquiries from blockchain project founders based in the mainland" and that there has been an observable surge in the number of Chinese clients registering on the platform.

With the ban, the only way to obtain cryptocurrencies mined with GPUs is to mine them with computing power. Individuals looking to obtain cryptocurrencies in China now have to obtain more computing power, as opposed to making straight purchases via exchanges.

In light of all the commotion and debate surrounding cryptocurrencies, the integration of the technology into the global economies seem to Cryptocurrency Exchange be materialising hastily. Whether or not you believe in the future of the technology, or think that it is a "fraud ... that will blow up", the cryptocurrency rollercoaster is one worth your attention.


The biggest event in the cryptocurrency world recently was the declaration of the Chinese authorities to shut down the exchanges on which cryptocurrencies are traded. Since China's ICO ban, other world-leading economies are taking a fresh look into how the cryptocurrency world should/ can be regulated in their regions. Most regulators do recognise that there seems to be no real benefit to completely banning cryptocurrencies due to the economic flows that they carry along. Regulators can only focus on areas where they may be able to exercise some control, which seems to be where cryptocurrencies meet fiat currencies (i.e. the cryptocurrency exchanges).

Since the Chinese ICO ban, many founders of cryptocurrency projects have been driven from the mainland to the city.