NEO’s CEO Da Hongfei Feels that Blockchain and Cryptocurrencies are Over-Regulated

Da Hongfei, the founder of NEO (also known as Antshares), has stated in a recent interview with 8BTC that the blockchain technology and cryptocurrencies are over-regulated in relation to other financial instruments.
NEO, which also referred to as China’s Ethereum, is the 15th ranked cryptocurrency in the world based on market capitalization according to CoinMarketCap.
The Antshares founder in the interview with 8BTC, the longest-serving cryptocurrency news platform in China, stated that;

“In essence, blockchain can barely survive within the existing financial regulation system. A licensed institute may find it unnecessary to cooperate with a blockchain company because it is already licensed to conduct the business. Why would it bother to be engaged in a partnership that doesn’t benefit it that much? If blockchain companies end up with no license, they won’t be legally permitted to promote massive adoption of applications.”

The Crackdown on Cryptocurrency

A huge part of the reason the founder of the token made this statement appears to be the previous ruling on ICOs by the Chinese government. Last year, September 2017, Blockchain startups in China were ordered to refund the money raised during their ICOs back to investors for their financial protection. Future money raising of Blockchain startups through ICOs in China was also banned. NEO was highly affected as a result of the government decree and had to offer refunds back to shareholders.

The Future of Blockchain Gaming

He also talked about the rise of the NEO blockchain in the utilization of blockchain gaming. He compared the future of the Blockchain gaming industry to the model presented in the Hollywood movie, Ready Player One. In the movie, extreme virtual reality was massively adopted by people around the world, replacing the internet in the long run, and storing digital assets for people in the virtual reality game played in the movie.
Hongfei also stated that although he roots for the implementation of blockchain in gaming, he believes the integration of Blockchain in the financial industry is key to the mass adoption of Blockchain by society.
8BTC, during the interview, also asked Mr. Hongfei the frequent question asked by crypto enthusiasts about NEO’s decentralization. The whole purpose of the Blockchain was so it couldn’t be controlled by a single entity, but by the people and NEO’s supply, like every other token, is controlled by the NEO Council. He stated that if any significant changes were to be made, the voting would lie in the hands of the public, thereby reassuring investors of its decentralized status.
The founder also stated an interesting opinion on other emerging Blockchains in the crypto space. Hongfei noted most of them still do not possess breathtaking features on them to keep users. He also implied, albeit vaguely that developers should be encouraged towards innovation on the Blockchain. He said that Blockchains were becoming more and more by the day without necessary features on them.
The CEO likened the current situation to a computer having no compatible applications to run on its operating system. Finally, Hongfei expressed his feelings on the ease of developers using the Blockchain and spoke on the usage of documents and tutorials to teach developers how to develop smart contracts on the NEO Blockchain.

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