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Crypto Power Play : However, these sentiments don't come while not opposition. Mr Dimon, CEO of JPMorgan Chase, remarked that bitcoin "isn't going to figure" which it "is a fraud... worse than tulip bulbs (in reference to the Dutch 'tulip mania' of the seventeenth century, recognised as the planet's initial speculative bubble)... that will extend". He goes to the extent of claiming that he would fire staff who were stupid enough to trade in bitcoin.
Speculation aside, what's actually occurring? Since China's ICO ban, other world-leading economies are taking a recent explore how the cryptocurrency world ought to/ will be regulated in their regions. Rather than banning ICOs, other countries still recognise the Crypto Power Play technological edges of crypto-technology, and are trying into controlling the market while not completely stifling the growth of the currencies. The massive issue for these economies is to figure out how to try to to this, as the alternative nature of the cryptocurrencies don't enable them to be classified under the policies of traditional investment assets.
Some of these countries embody Japan, Singapore and therefore the US. These economies seek to determine accounting standards for cryptocurrencies, mainly in order to handle money laundering and fraud, that have been rendered additional elusive due to the crypto-technology. Yet, most regulators do recognise that there seems to be no real benefit to utterly banning cryptocurrencies because of the economic flows that they carry along.
Additionally, in all probability because it's practically impossible to clean up the crypto-world for as long as the web exists. Regulators will only specialize in areas where they may be able to exercise some management, that looks to be where cryptocurrencies meet fiat currencies (i.e. the cryptocurrency exchanges).
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Whereas cryptocurrencies seem to come below a lot of scrutiny as time progresses, such events do benefit some countries like Hong Kong. Since the Chinese ICO ban, several founders of cryptocurrency comes have been driven from the mainland to town. Aurelian Menant, CEO of Gatecoin, said that the corporate received "a high variety of inquiries from blockchain project founders primarily based in the mainland" and that there has been an observable surge in the number of Chinese shoppers registering on the platform.
Looking slightly more, firms like Nvidia have expressed positivity from the event. They claim that this ICO ban will solely fuel their GPU sales, as the ban can possible increase the demand for cryptocurrency-related GPUs. With the ban, the sole approach to obtain cryptocurrencies mined with GPUs is to mine them with computing power.
As such, people wanting to get cryptocurrencies in China now have to obtain a lot of computing power, as opposed to making straight purchases via exchanges. In essence, Nvidia's sentiments is that this is not a downhill spiral for cryptocurrencies; of course, different industries can receive a boost in addition.
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