The Chinese government has officially banned "initial coin offerings" (or ICOs), according to reports by local media. The government committee led by China's central bank also issued a list of 60 exchanges that will be investigated, though some have already halted their ICO trades.
Since all cryptocurrency-related operations within China are to be stopped, what does that mean for investors? Obviously a lot of people are cutting their losses and cashing out. Looks like all cryptocurrencies are at a loss today, especially China based industries, such as NEO:
What does this mean in the long run for certain cryptocurrency trading companies based out of China? I think they will find another way to keep moving forward and simply move their operations overseas instead. Coins originating from China will get their coins listed on international exchanges, which will cause the coins to rise due to new listings on big oversea exchanges. So is this a great time to buy in the dip? I think I am taking the gamble.
I also found an article, which long-time crypto watchers will recall from 2013, when China banned exchanges from allowing people to buy into bitcoin and other crypto coins using the local yuan currency. The result was a huge price drop, but support for yuan deposits did return and the price if bitcoin has soared to new highs — most recently $5,000 on some exchanges. I truly believe in the strength and future of the crypto world and think big names like NEO will persevere.
Please be advised, I am very new to the crypto world and am not a finical advisor, this information is merely my opinion from the limited research I have done. I am open to ANY feedback and advice! I would love to hear your opinions on the matter!