But, these statements don’t come without opposition. Mr Dimon, CEO of JPMorgan Chase, said that bitcoin “is not likely to function” and so it “is a fraud… worse than tulip lights (in mention of the the Dutch’tulip mania’of the 17th century, recognised because the world’s first speculative bubble)… that may inflatable “.He would go to the degree of expressing that he would fireplace workers who were foolish enough to deal in bitcoin.
Speculation away, what is really planning on? Because China’s ICO bar, other world-leading economies are going for a fresh look into how a cryptocurrency world should/ may be governed inside their regions. Rather than banning ICOs, different places still recognize the technical benefits of crypto-technology, and are looking at preventing industry without completely stifling the growth of the currencies. The big issue for these economies would be to figure out how to get this done, as the choice nature of the cryptocurrencies do not let them to be labeled underneath the plans of traditional investment assets.
Some of those nations include China, Singapore and the US. These economies find to establish accounting standards for cryptocurrencies, mostly to be able to handle income laundering and fraud, that have been made more challenging as a result of crypto-technology. Yet, most regulators do recognize that there appears to be number real gain to totally banning cryptocurrencies due to the economic moves they take along. Also, probably because it is almost impossible to power down the crypto-world for so long as the quickex exists. Regulators can only focus on places wherever they may have the ability to exercise some control, which appears to be wherever cryptocurrencies match fiat currencies (i.e. the cryptocurrency exchanges).
While cryptocurrencies appear in the future below more scrutiny as time advances, such events do benefit some countries like Hong Kong. Since the Asian ICO ban, many founders of cryptocurrency projects have already been driven from the mainland to the city. Aurelian Menant, CEO of Gatecoin, stated that the company acquired “a large number of inquiries from blockchain project pioneers situated in the mainland” and that there’s been an observable rise in how many Chinese customers joining on the platform.