Tron plans to set up first office in India, Justin Sun reveals how company survived China’s ICO ban
Tron has witnessed a series of new developments in the past few weeks. In fact, on July 30, Tron launched Tron Virtual Machine and introduced a new project known as Project Atlas with BitTorrent. Now, the blockchain founder Justin Sun’s next move is to set up an office in India, South China Morning Post reported.
Sun just recently moved to his new office in Beijing and already started making plans of expansion. Currently, crypto enthusiasts in India are waiting for Supreme Court of India’s final verdict on the fate of cryptocurrency exchanges in the country.
It is to be noted that Reserve Bank of India (RBI) in April cracked the whip on cryptocurrency exchanges. They said that the financial institutions will not be permitted to work with exchanges, giving the banks three months’ time to exit the market. The panel of judges who are overseeing the case wants arguments from both RBI and the ban’s critics to be submitted by that day after which the verdict will be made.
Justin Sun on how Tron survived China’s ICO ban
Nine months ago, China initial coin offerings (ICO) fundraising and also ordered to shut down local cryptocurrency exchanges. Fortunately, just before the ICO ban came into effect, Tron completed its ICO and also raised US$70 million.
The funds collected from the Chinese investors were returned after the ban was announced. “It’s [the clampdown] taken the heat off [the market]. It’s now more sensible,” Sun told South China Morning Post, “It’s better for the industry. Most firms followed the ruling from the government. It didn’t trigger anything bad, if there had been a financial risk then it [the ban] would have solved it.”
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