The Chinese government frequently updates and adopts a new decision on the regulation of cryptocurrencies, however, the process of information transmission to the world looks pretty retarded, and this is largely due to the difficulty of translation. In addition to the constraints from regulators, the nature and habits of Chinese Internet users have large differences from people from other parts of the world, which is also a barrier.
To simplify the understanding of the market and blockchain ICO in China, publishing Hackernoon published 10 interesting facts:
- ICO is officially banned in China.
- Most popular social media resources is also prohibited:Telegram, Facebook, Twitter, Instagram, Medium, YouTube and Google. Promoting them is impossible.
- The country has banned a major conference dedicated to blockchain and other technologies. No official ban, but in fact, attempts their organizations suppressed.
- The Chinese media is very expensive. Promotion of projects require unaffordable for most amount.
- For Internet users China has introduced strict censorship. Objectionable publications are quickly removed. A discussion of politically incorrect topics, including the prohibition ICO, is not possible.
- Due to problems of translation and slow receipt of news from China, some unscrupulous Chinese projects and companies benefit from the chance to work on the basis of its untainted reputation in the West.
- In China, circulated the following type of fraud: companies use the names of influential figures in the West in order to attract audience. In fact the person whose name was put forward by a company may not even know about its existence. In this scheme, the Chinese side, again, help in the translation.
- In a network of a huge number of bots. Special programs allow you to manipulate the opinion of people. So do not believe the success of a project 100%.
- In China, there is a concept e-mail marketing. It just doesn’t work in the country. Because of this, projects are forced to seek alternative ways of conducting campaigns.
- Despite the strict regulation, the market still has a number of successful projects with Chinese roots: QTUM, Vechain, NEO, Mixin Network and Bumo,it is worth noting the popularity in China of Bitshares.