After Red Pulse announced they would no longer be allowing Chinese citizens to participate in their upcoming RXP ICO on September 10th – The first ICO to run on NEO – a wave of uncertainty ran through the market which saw NEO drop by around 26% to as low as $29.71, before rebounding back to the to $33 mark.
The move was triggered by news coming out of China that the People’s Bank of China (PBOC) and China Securities Regulatory Commission (CSRC) are looking at creating new regulations for initial coin offerings (ICO), and potentially banning all ICO activity until new laws have been put in place.
NEO founder Da Hongfei stopped by the NEO Slack briefly and shared a few thoughts.
The message was received positively by the NEO community, with many believing that NEO’s foresight to build compliance friendly features into the project framework will allow them to flourish where other currencies might fail in the face of regulatory measures.
About The Author: Dean Jeffs
Dean is a digital project manager who has worked extensively with start ups and agencies in the marketing space. Fascinated by the potential applications of blockchain technology, Dean has a passion for realising the new smart economy.
More posts by Dean Jeffs