According to reports from the Chinese financial news agency Yicai, the Chinese government wants to further regulate the cryptocurrency economy.
The report states that the government has just begun to regulate cryptocurrencies and ICOs after Monday’s ICO ban.
After the news of the ban, many ICO companies tried to send their money back to the investors in order to stay in line with the government. Many ICOs were cancelled, some of them continued despite all this process and risks.
Announcements made after this report showed that regulations regarding cryptocurrencies and ICOs are just the tip of the iceberg.
Markets are pulling back
Cryptocurrency markets, Ethereum It quickly responded to these bans, with massive sales in . Chinese cryptocurrencies also lost value. While NEO had large volumes, it fell by 30%.
Other countries also indicated that they will take a similar stance to China on regulations. South Korea has recently stated its intention to regulate the cryptocurrency industry, and there is a possibility that it may also decide to ban ICOs.
Despite all this, the market has started to turn green today, albeit a little. We will see what will happen and how the market will be affected by this attitude of China in the coming days.
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