According to a recent article published by Forbes entitled 'Russian-Chinese Cryptocurrency Alliance Launch Delayed Over China's ICO Hitch' a leading Russian cryptocurrency platform called KICKICO just announced that its planned ‘Chinese-Russian Cryptocurrency Alliance’ would have its launch delayed until further information is given by the Chinese government regarding the new Chinese regulatory framework on initial coin offerings (ICO’s).

The Alliance’s formal launch had been planned for September 6 in the Russian capital along with a leading player from China.

With cryptocurrency-based financing volumes exploding in 2017, actual legislation still remains pending - albeit that Chinese authorities have expressed their view according to Beijing-based media group Caixin.

With China signalling that ICO’s will be put on hold, it was being proposed at Moscow’s Ritz Carlton earlier today that this “means a clearer regulatory environment is coming soon and making integration of crypto-based financing into the existing financial system possible.” Make of that what you will, but one cannot be too sure right at this juncture.

There has been a lot of fud concerning exactly what China will do in terms of regulation of the cryptocurrency space with some articles saying they plan to go as far as to ban crypto exchanges all together. Co-operation between China and Russia in regard to cryptocurrency platforms and blockchain start-ups is welcomed by the cryptocurrency in general and is seen as a way to bring more stability and confidence to a very speculative market. KICKICO is a very interesting new business with big plans and a large war chest to fund development which the company received through its ICO.

KICKICO launched its first ICO this September and has currently raised the equivalent of over $21.5 million in cryptocurrency. Its first hosted project, the game, Magisters of Magic, has managed to collect 280 ethereum (ETH) with a goal of 200 ETH.

So what is the nub of the alliance assuming it resurfaces? Well, KICKICO and a leading Chinese partner had signaled they would build a Russian-Chinese crypto-community, develop blockchain structure for start-ups throughout the world and provide a number of services. The latter encompasses areas like consulting.

Anti A. Danilevski, СEO of Russian-based KICKICO, speaking on 6 September, 2017, at the Ritz Carlton in Moscow during the launch announcement of a new Russian-focused exchange, CyberEX, in alliance with the China-based digital assets exchange C2CX.

Once we get further clarification from China directly from the Chinese government we will have a lot better picture about the direction cryptocurrency markets will be going for the rest of the year. Many news agencies have taken advantage of the Chinese language barrier which is making it easy to twist news and cause panic in markets as rumors recently circulated that China was closing all crypto exchanges located within its borders. Many publications were forced to issue retractions of their unfounded claims after realizing that most Chinese crypto exchanges remain open for the time being.

Techblogger Wrap Up

There is a saying in crypto 'welcome to the ****show' and the saying does seem to hold some merit. In a speculative market like this anything can happen as prices are driven primarily from positive or negative news although they have continued to follow a primary trend which points to the sky. This is a good point to ask my readers, what do you expect will happen in regard to Chinese regulation? Should we expect more fud and tighter regulations as China shuts down the party or is this simply an attempt to get a greater hold on the market before China releases positive news and clarification which will send the market shooting upwards?

Please leave thoughts and feedback below.

Thanks for reading!

Source:
Russian-Chinese Cryptocurrency Alliance Launch Delayed Over China's ICO Hitch - Forbes