[Thus article is a translation of the original article on anycoin.news]
Sasha Borovik, General Counsel for CloudEO tokens, was asked by the Odessa-based Russian language #AnyCoin for his opinion on the Chinese regulator’s ICO ban in the country.
“Earlier this year, the World Economic Forum in its Whitepaper on blockchain addressing the regulators around the world asked them, when it comes to regulating the blockchain phenomena: “Do Not Harm!”.
Earlier this week, China has harmed its internal blockchain development. It is a move similar to the Chinese government building its own internet and blocking access to the www for the mainstream population in the country. The Chinese regulators are also blocking international social media for its mainstream. But today’s blockchain is powered mainly by geeks and, as they are overcoming the ban on Facebook, they will work around this ban on ICO’s. However, the ban will slow down the development of blockchain technologies in the country making Chinese crypto enthusiasts invest internationally.
Blockchain needs to be regulated by supranational bodies, the equivalent of an Electronic Freedom Forum. People need to be allowed to experiment. Yes, some are making irresponsible claims, and not all are equally understanding the technology. The ecosystem needs to watch what players are doing in the space, while regulators need to watch for securities regulations violations and prevent frauds, but blank bans similar to the one in China are not going to work and they are counter-productive”.
CBN Foundation has been working closely with outside counsels and regulators to structure CloudEO token in a legal and compliant way. The company expects a No Action letter from the regulator in Liechtenstein shortly.