ICO suspension is temporary, says the Сhinese government-backed researcher

The recent interview of Hu Bing, the scientist from the government-backed Institute of Finance and Banking, to the Chinese television channel CCTV-13, contains some promising hints that the current disastrous measure taken by the Chinese central bank, People’s Bank of China, might be in effect only until the corresponding legislation has come to a full completion.

The People’s Republic of China authorities directly control the Institute of Finance and Banking and its activities, so this statement made by Hu Bing can be considered the Chinese authorities position – or, at least, the position of a group in the government.

Mr. Bing stressed that people incorrectly thought that China is going to ban ICOs forever. Instead, they have decided to pause them all, develop laws regulating them, and then resume. The researcher also told about possible licensing mechanisms which lead some analysts to believe that China wants to take the approach of the New York State Department of Financial Services (NYSDF), which requires to undergo a licensing process before a company can launch its own ICO.