In early September, China banned the initial offerings of money (ICO) and a week later the Chinese authorities have stopped cryptocurrency trading. In this article, we will see how this ban has affected the entire crypto economy not only in China, but all over the world.
Currently, many Chinese are concerned about the regulation of the ICO. Despite this concern, companies continue as usual with companies saying that they can not stop now that the trend has begun. Even with the bans on technology, the market should continue. Although marketing has been interrupted, everyone is waiting to see what happens next.
The hope dies last
Still, it seems that China's ban will be temporary. Countries like the United States and Japan are seeking to create new regulations that will help legitimize cryptocurrencies by providing investors with protections under existing securities laws. The new rules can open a whole new market, allowing companies to raise capital by alternative methods in the future.
Even though the ban is in place, the Chinese become creative and trade digital currencies via WeChat and even turning to Telegram, further demonstrating that cryptocurrency is very necessary and still have a future in China. Where there is will, there is a way
However, reacting to news, Bitcoin prices immediately fell to 25% – causing a sudden panic in the market. Several Blockchain events – including our BlockShow meetup in Shanghai – have been canceled, fearing China's strict position on cryptocurrencies. Startups that had raised money through the initial offer of coins had to repay all funds to investors.
Hope does not die at all
One of these companies is Atmatrix, a next generation artificial intelligence. (AI) Blockchain with the intelligent contract platform, held a successful crowdsale raising about $ 50 million before the ban, but had to send all the money back to its investors. They will participate in BlockShow Asia, ready to share insider information on the current situation, as well as their experiences with the current ICO regulations in China. In addition, Atmatrix will gladly join the BlockShow as an exhibitor and speaker.
Meanwhile, we had the opportunity to meet Atmatrix to understand closely what is happening in China. The Atmatrix team was very supportive in answering all our questions. Here is a brief overview of the interview:
Q. What are the main targets of Atmatrix at this very moment?
A. We have fulfilled the regulatory compliance of China and developed a legal structure to ensure the smooth running of Atmatrix. The goal is to launch our decentralized AIaaS market in November in the global AI market, which will allow mobile applications and DApps to have an AI capability. Atmatrix Foundation is actively working to develop the international community for both developers and cryptography enthusiasts.
Q. Since you raised nearly 50 million dollars through a symbolic sale, but you had to pay back investors because of Chinese regulations, do you plan to do another crowdsale?
A. We will fully respect the Chinese regulations concerning the OIC. We started Atmatrix.org as an international Blockchain project from the beginning, and the foundation is registered in Singapore. We could launch a new series of token sales around the world as part of compliance.
Q. We are all desperate for the Chinese government's final on ICO and cryptocurrencies in general. What are your thoughts and plans for this? Are you targeting international marketing just for the moment, or are Chinese investors still on your radar?
A. We have done a good job in taking care of the compliance issues according to the requirements of Chinese regulators, and we still have the plan to grow Atmatrix to the 39, worldwide. It is important to understand that there is no border for the Blockchain world, or any limitation for our customers to use our public and decentralized AIaaS platform. We have been targeting the global market since our launch. That being said, Chinese tech giants such as Huawei, Baidu, Tencent, Ali and so on, will also be part of the ecosystem that Amatrix is building right now.
Q. What is your general view of the growth of the Bitcoin industry and cryptocurrency after the ban and closure of trade in China by the & # 39; 39; ICO?
A. The Bitcoin and Cryptocurrency industries will continue to grow even after bans and closures in China.
Join the prevailing optimism
Clearly, Atmatrix is very optimistic about the future of cryptocurrencies in China and the rest of the world. It's the new Internet, so to speak. Without a doubt, we will continue to closely monitor developments around this situation. Blockchain regulations vs.
Atmatrix and other important Blockchain companies such as Qtum, Achain, XAIN, Changelly, Bluzelle, Nebulas, among many others, will be present at our main BlockShow conference at Singapore on 29 and 30 November.
In addition, some YouTubers and popular blockchain bloggers such as Ameer Rosic, Ivan on Tech with two mln + views will be present. You will have a unique opportunity to meet them in person in our special media corner, and maybe even have the chance to take that selfie you've always dreamed of!
So what are you waiting for? We are almost exhausted. Take your tickets before the prices increase dramatically in two weeks: https://blockshowasia.com/buy-ticket
We will see you from the other side!