2018-6-28 16:59 |
If the Trump administration bans China from investing in US tech companies, then it’s possible that the Chinese may invest some of those funds into ICO’s. The spare funds may also be invested in their existing crypto assets such as NEO, QTUM, and TRON. The Asian crypto and blockchain heavyweight is keen to become dominant in this emerging industry.
Trump Pushes to Ban Foreign InvestmentIt is not just the Chinese who have earned the slack of the US president. China, along with several other countries, could be deemed a threat to US intellectual property, according to the Wall Street Journal and Bloomberg. Both publications reported that the Treasury is planning to block firms with at least 25 percent Chinese ownership from buying US companies dealing in “industrially significant” technologies.
As soon as the news came out, many Chinese stock prices went down. Micron Technology lost 7% of its stock value. The companies that were hit the hardest are operating in the semiconductor space, which is expected to be negatively affected in a trade war-like situation.
ICO’s and Cryptos May Be China’s Choice of Investment After BanUS Treasury Secretary Steven Mnuchin defended the policy, suggesting that the ban will affect several countries and isn’t specifically targeted at China, trashing the reports of both publications and calling them “false, fake news.”
However, if the Chinese are affected by the ban, they may see ICO’s and cryptos as an alternative investment. Chinese authorities have quickly supported homegrown cryptocurrency projects, like the “Chinese Ethereum” NEO, the seventh largest cryptocurrency in the world. Several new crypto projects emerging in the country are linked very closely to the government.
NEO has witnessed significant growth because of the increasing number of ICOs designed on its platform. If more Chinese companies start using their blockchain for launching their own ICOs, the country will be tough competition for US firms regarding technological innovation and crypto dominance.
Apart from popular domestic coins like Qtum and Tron, the government is keen on supporting THEKEY (TKY), an identity verification project built on the NEO platform. The coin is currently low priced and sells only on two small exchanges — HitBTC and Kucoin.
Chinese Investors May Consider ICO’s As Alternative Form of Investment After US Ban was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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