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Following China's ICO restriction, what befalls the planet of cryptocurrencies?

The largest activity in the cryptocurrency globe recently was the statement of the Chinese authorities to close down the exchanges on which cryptocurrencies are traded. As a result, BTCChina, one of the largest bitcoin exchanges in China, said that it would be ending trading tasks by the end of September. This updates catalysed a stinging sell-off that left bitcoin (and also various other money such as Etherium) plummeting approximately 30% listed below the file highs that were actually gotten to 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.

Nevertheless, these convictions don't happen without resistance. Mr Dimon, Chief Executive Officer of JPMorgan Hunt, mentioned that bitcoin "isn't heading to operate" and that it "is actually a fraud ... much worse than tulip bulbs (of the Dutch 'tulip mania' of the 17th century, identified as the world's first experimental blister)... that will certainly burst". He mosts likely to the magnitude of stating that he will fire staff members who were actually stupid sufficient to stock 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.

Looking slightly further, companies like Nvidia have expressed positivity from the event. They claim that this ICO ban will only fuel their GPU sales, as the ban will likely increase the demand Cryptocurrency Exchange for cryptocurrency-related GPUs. With the ban, the only way to obtain cryptocurrencies mined with GPUs is to mine them with computing power. As such, individuals looking to obtain cryptocurrencies in China now have to obtain more computing power, as opposed to making straight purchases via exchanges. In essence, Nvidia's sentiments is that this isn't a downhill spiral for cryptocurrencies; in fact, other industries will receive a boost.

In light of all the commotion and debate surrounding cryptocurrencies, the integration of the technology into the global economies seem to 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.