The price of Bitcoin has been regaining its footing after China’s clampdown on ICOs and exchanges. This is not the first time China has tried to stifle cryptocurrencies for fear that they can be effective means for citizens to keep their capital safe in unfavorable economic conditions, out of reach of authorities. China may attempt to nationalize the local crypto industry, and could issue digital Chinese Yuan tokens to act as the new reserve currency on newer, more-highly regulated exchanges—platforms where tokens created via state-sanctioned platforms using the new denomination could be traded. The regulations could drive innovation for Chinese fiat gateways running through decentralized exchanges, which may become the only means for investors to swap their tokens. The ruling may also push users into more anonymous cryptocurrencies that do not leave a digital footprint.
Steve Wasserman: “Vments will meet incumbent financial services demand for digital innovation in an environment that threatens their relevance.”
Digital currency and online data management are at the frontier of transformational change in banking and financial services, as innovations in the blockchain space are changing the rules in the competitive financial landscape. DCEBrief spoke with Steve Wasserman — the founder of two highly successful startups that both made it into Inc’s list of the 500 fastest growing companies. His latest venture VmentsTM offers digital products and services designed to better serve the needs of banks and other financial entities in the blockchain era.
Early this morning a Chinese working committee representing seven government administrations including the People’s Bank of China, and the regulatory, banking and insurance commissions ruled that Initial Coin Offerings (ICOs) constitute an illegal means of capital acquisition. Organizations and individuals are now expected to cease all ICO related activity, and banks and financial institutions are instructed to cease all business with organizations that do.
This coin analysis series aims to give readers appraisals and knowledge of cryptocurrencies and platforms that are likely to succeed long-term by delivering real intrinsic value to those who partake in their economy. The author does not own any Syscoin, and this is an unsolicited review.
Last week saw Bitcoin cross the $4000 mark for the first time in a continuation of a long-term bull-run that has seen it rise from just under $1000 at the turn of this year. Naysayers are drawing comparisons to investment bubbles from years past that were succeeded by crashes: Great Tulip bubble, dot-com & housing, while advocates are pointing to the intrinsic properties of cryptocurrencies finally being reflected in their price.