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Shenzhen Stock Exchange (SZSE) is one of the major stock exchanges of China. China is taking action against companies that are planning to start Blockchain research labs as on 21st March, a local media reported that SZSE has started an investigation against a company that has announced its plans to start a Blockchain research lab for applications in the medicinal industry.

blockchain research lab

Stock Trading Company

The stock trading of healthcare device manufacturer, Lifesense has been suspended by SZSE temporarily and now the company is required to provide all the information, explaining why Blockchain technology is so important for the company, also the project’s plans for the next three-years, as well as the amount of Lifesense’s funding shares.

Letter Issued by SZSE

On Tuesday, March 20, SZSE issued a letter and ordered Lifesense to reveal all the details about its plans to launch a “Blockchain laboratory.” SZSE is also expecting to get a reply from Lifesense by 23rd March. The announcement of Lifesense project is the move that made the company’s share price upsurge by 10% as it succeeded to grab the attention of the stock exchange while the price hit the daily limit of SZSE.

A similar inquiry was sent by SZSE to Zhejiang Enjoyor Electronics earlier this week, which made Enjoyor Electronics confiscate its announcement on WeChat as it claimed to launch the very first Blockchain-based electrical data forensic certificate, all around the world. A warning was also issued by SZSE in January that it’s going to carefully observe those companies that are using the popularity of Blockchain to improve their stock prices.

Companies Investigated By SZSE

According to China Money Network, over 20 listed companies have been investigated by SZSE due to the baseless claims about Blockchain technology. Earlier, a report was published on companies that were using the ‘Blockchain’ word in the US to improve their share prices through the publicity surrounding the innovative technology.

In February, SEC suspended three companies from trading that revealed statements about getting “Blockchain technology-related assets.”Also,

U.S. SEC (Securities and Exchange Commission) has announced more investigation of companies in the US, who alter their name to add the word “Blockchain” into it.

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Pakistan Bans Crypto and ICO Transactions

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The central bank of Pakistan has told financial service providers and banks that it won’t be supporting virtual currency transactions. In a statement on its website, the State Bank of Pakistan (SBP) suggested the general public that it controls both international and domestic payment as well as money transfer services.

cryptocurrency Ponzi schemes

Prosecution Against Transferring Funds

According to this cryptocurrency ban news, the State Bank of Pakistan will take action against those who use virtual currencies for transferring funds outside Pakistan. If they found anyone using virtual currencies, tokens or coins for transferring money outside Pakistan, he/she will be subject to prosecution according to applicable laws. The State Bank of Pakistan also asked microfinance and commercial banks, as well as payment service providers/operators to restrict those account holders, who are looking forward to carry out transactions in the form cryptocurrencies and ICO tokens.

The State Bank of Pakistan also noted that it doesn’t recognize cryptocurrencies as legitimate tender and hasn’t sanctioned or licensed anyone for the sale-purchase, exchange-investment or even issuance of any tokens or currencies.

Risks

The State Bank of Pakistan took the action of the following risks:

  • The closure and fiasco of virtual currency exchanges as well as businesses for any purpose, like action by law enforcement agencies.
  • The number of security negotiations of virtual currency exchanges and wallets all-inclusive, in which huge amount of funds was lost.
  • Virtual currencies are extremely erratic, volatile and the prices are mostly based on assumptions.

Furthermore, fraudsters have started to offer “pyramid style investment schemes” as well and have promised high returns to the general public of Pakistan. The State Bank of Pakistan has also warned that such schemes similar to cryptocurrency Ponzi schemes, can cause some hefty losses to the general public.

RBI

The Reserve Bank of India (RBI) stated that all controlled entities that already offer virtual currency services are required to cut off all ties within three-months. These services include:

  • Maintaining accounts
  • Registering
  • Trading
  • Settling/Clearing
  • Giving loans against virtual tokens
  • Accepting the loans as collateral
  • Opening accounts of exchanges that manage them and transfer funds in accounts including the sale and purchase of virtual currencies.

The Reserve Bank Of India (RBI) believed that blockchain technology has a lot of positive applications however, it contends that cryptocurrencies increase several concerns related to the:

  • Protection of customers
  • Market integrity

Preventing financial crimes

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Finance Minister, Wopke Hoekstra Demands ICO Regulations

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On Thursday, a letter was issued to parliament by Dutch finance minister, Wopke Hoekstra, to encourage a global approach to cryptocurrency regulation. The main focus of Hoekstra is on new consumer protections and to start it up, he wants to have a dialogue with credit card companies about potentially introducing stronger protections for those people who prefer to buy cryptocurrency with their credit cards.

According to Hoekstra, by the end of 2019, all local exchange platforms, plus, the cryptocurrency regulation and services would deceptively get registered with the government and should be also obeying their customers necessities. The finance minister also proposed some new regulations in the letter, that could also be helpful in protecting the ICOs (initial coin offering) contributors.

cryptocurrency regulation

Hoekstra highlighted;

“It is being investigated whether investors in ICOs can become just as good protected as investors with a normal IPO or bond issue. The current framework is not sufficient for this.”

In the past, particularly in ICOs, some issues were highlighted by the regulators, making these proposals more noteworthy. Last November, a statement was released by AFM (Authority for Financial Markets) of Netherlands, which is a Dutch version of U.S. SEC (Securities and Exchange Commission) and referred the ICO market to a dangerous-cocktail. Linked with these statements, a ban was proposed by Hoekstra that’d forbid marketing of risky financial products to random customers.

Moreover, Hoekstra also promised to work in the European Union with other countries as well and encourage collective research to discover the market’s cross-border nature. Yet, Hoekstra specified that even inside the Netherlands, more work is required for updating the laws of the country to account for cryptocurrencies and more erratic activities around it.

 

As in the letter Hoekstra wrote;

“The current supervisory framework and instruments are insufficiently tailored to cryptocurrency,”

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Bank of England Governor Says, “Bitcoin Failed as a Currency so far”

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Mark Carney (Bank of England governor) resisted lately that bitcoin has failed to be a legitimate currency estimated by the standard benchmarks, as it’s neither a store of value nor a useful medium of exchange.

At London’s Regent’s University, the central banker told students that bitcoin has failed to meet those “two-key” requirements to emerge as a legitimate currency. He said that during a live Q/A session. To him, the top-cryptocurrency has failed so far. He added, no one uses it like a medium of exchange as it’s not a store of value.

Business Insider noted, that bitcoin is a medium of exchange and it is acknowledged on the “dark web”. Even though its instability deters its acceptance, still hundreds of traders accept this cryptocurrency and these also include Microsoft and Overstock.

bitcoin has failed

Stripe, which is a payment processor, recently stepped away from the cryptocurrency and stated, that there were only few cases for which paying or accepting with the top-cryptocurrency (bitcoin) makes sense. Steam, which is a pretty famous gaming/digital distribution platform has stopped accepting bitcoin, due to high fees and instability in the price of Bitcoin.

The argument that bitcoin is a store of value is based on its volatility, so that if you are looking for investing in it, make sure that its price won’t fluctuate immensely. Even though the cryptocurrency has lately seen an increase in its value around about 30% in a week, government failures can almost wipe out the fiat currencies. In countries like Venezuela and Zimbabwe, where fiat currencies failed to emerge as a legitimate cryptocurrency, bitcoin trades at the top.

Mark Caney Views on Bitcoin:

Mark Carney’s remarks are not really surprising and fall in accordance with those central bankers/Wall Street personalities, who’ve been recently assessing the bitcoin and the cryptocurrency ecosystem. Head of the Bundesbank, Jens Weidmann, lately argued that exchanging fiat with bitcoin is quite hazardous. He also stated, that for stabilizing monetary and economic system, we do not need crypto-tokens.

In the beginning of this month, board member of European Central Bank, Yves Mersch said, cryptocurrencies are not money, while Bank of International Settlements general manager, Agustin Carstens, argued that bitcoin was just a “bubble”, in which global stock markets were losing trillions of dollars.
At the same time, the head of South Korea’s financial regulator has confirmed the government is finally going to support cryptocurrency trading while promoting banks to enable transactions with exchanges.

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Here are some tips for a successful ICO (Initial Coin Offering)

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According to the latest Initial Coin Offering news, ICO scams have increased scepticism and suspicion in few recent campaigns. This distrust is somehow defensible with plenty of legitimate projects that act as a ‘front’ for fast money-making-schemes. Though, there are still many genuine and reliable initial coin offerings being launched.

ico compaign

How to Treat Your ICO?

  • Before you launch an initial coin offering, you should fulfil certain requirements and standards, including the publication of a whitepaper.
  • The main thing is to identify that your attempt to attract an investment in an ICO must have to be in your own way and through more traditional means.
  • Make sure that you have provided enough information in order to be transparent and reliable. Likewise, it is worth being cognizant that a typical ICO whitepaper has almost 20 pages, however, a prospectus of a stock market investment can be of almost hundreds of pages.

 

Determine the Problem

  • If you can evidently present an issue in a given industry, and clearly explain how you can solve that problem, you will definitely attract contributors.
  • Many companies have claimed that their novelty/solution is firm to change any given industry, as they can be seen in many ICO schedules.
  • On the other hand, winners will be those, who’d offer the finest solution; as well as those who are new to the market.
  • If you want to make sure that whether your proposed ICO is going to attract the potential participants or not, you’ll have to evidently demonstrate the value that you add to your service.

 

Determine Why blockchain is the best solution

  • The solutions provided by the blockchain technology are definitely worth the hype. Though, in your proposed offering, it’s imperative to demonstrate how and why a blockchain-solution is the finest course of the act for the problem that you are attempting to re
  • It is often due to an existing/growing network of contributors that can actually profit from the blockchain network primers as well as tokenization to advance the service/product.
  • It is imperative to have the ability to explain how you will attract people to the network that is created by you and how it will be monetized.

 

Robust Corporate Governance

  • Contributors that are potential to your business will always do a good research on the team and explore the idea behind your company.
  • Ensure to clearly explain the knowledge and involvement you have behind your company as it’s good to prove that your idea was analyzed and developed already.
  • Also, you should form a corporate governance structure that is matched with present structures.

 

Secure Investment

  • There are ways to promote your ICO campaign without using Google and other social media platforms – Google, which has already banned advertisements related to ICOs.
  • Ensure that you are utilizing each and every tool in your clearance to make the exposure.
  • Online presence across cryptocurrency calendar websites, other information portals, and cryptocurrency apps is also quite imperative.

 

  • You can find advisers and agencies that are specializing in ICOs so that they can assist you well, however, pick them wisely before using your budget for extra support.

 

  • Make sure that your diary is full of meet-ups and conferences.

 

  • It is a hard slog to get your name to be known, but still, it is more important that you are ‘far and wide.’

 

  • Inducing a renowned investment entity will also verify the success and failure of the ICO.

Transparency

  • The comfort through which potential contributors can get information about the token sale development and the whitepaper matters a lot, as it demonstrates that you didn’t hide anything.
  • A genuine ICO can be tracked through the token sale address, while a fake ICO will try its best to hide how its sale progress is surging through numerous individual contribution addresses.
  • This doesn’t only disguise how far the live sale of the ICO will go, but also the accurate amount.

If any of these factors are difficult to find, it is a sign that something is wrong and potential participants should look somewhere else.

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