During the course of the first week of September, Russian cryptocurrency platform KICKICO announced that it would be partnering with China in what they are calling the “Chinese-Russian Cryptocurrency Alliance”. Shortly after, an announcement came out that it would be delayed until further notice due to China’s new regulations on ICO’s or initial coin offerings. The official launch was planned for September 6th but will now be on hold.
KICKICO’s main partner, CyberTrust announced recently at a press conference that they are building a “Russia-focused” exchange known as CyberEX which will be created with the help of Chinese-based digital assets exchange C2CX.
The conception of a fund built between the two top players in the Chinese market as well as Swiss-based crypto investment bank CyberTrust, would help to develop blockchain structures for start-ups to form throughout Russia and China. One of the main assertions is that these start-ups can use KICKICO’s crypto crowdfunding platform.
Despite the actions being delayed until further notice, the Russo-Chinese alliance comes just days after Chinese authorities began to slow down ICO’s domestically and made the use of them ‘legally questionable’.
This has come into the news as China going against itself in a way due to the fact that China has been producing ICO’s at a massive rate recently.
With the groundwork in place, and arrangements being made for the media to announce the launch, Chinese authorities halted the partnership. Those authorities being the China Securities Regulatory Commission and the China Banking Regulatory Commission.
With the popularity of Bitcoin and cryptocurrencies as a whole, it will steadily become harder and harder to do what China has just done. The premise of Bitcoin is that it is decentralized, and cryptocurrencies as a whole should not and cannot be controlled by one entity such as a country. With billions of dollars invested, many are looking to see what will happen next.