NEO Founder Claims Blockchain and Cryptos are Over-Regulated

After NEO passed its 2 year anniversary for its mainnet, Da Hongfei, the founder of Antshares, known as NEO, has been interviewed by Chinese crypto community, 8btc, where he has been quoted saying that “ blockchain can barely survive within the existing financial regulation system.”

The NEO CEO was asked a series of questions relating to the different aspects of the cryptocurrency ecosystem, running the gamut from gaming to blockchain regulation.

In terms of the company’s current objective, he said that they are focused on game development, comparing the progress to that of a basketball game:

“Our general goal hasn’t changed. But down to specific focuses, like when to do what, they may vary in different development phases. Starting a business can be compared to playing basketball. A basketball player usually keeps one foot motionless and moves the other to find the best position to shoot at the basket. But the basket always stays there. For example, game development is our recent focus. We are cooperating with many game developers and hopefully more games will be built on NEO.”

One of the main aspects for NEO focusing on games seems to stem from the regulation of blockchain within the financial industry, and that many developers will be looking for different options in which to ply their trade.

Hongfei commented:

“…People were expecting to see blockchain being applied to the finance industry as the new technology may disrupt the traditional finance industry. However, implementation has been faced with regulatory barriers as the finance industry is strictly regulated virtually everywhere in the world. There are only two possible ways to integrate blockchain into finance industry by either cooperating with a licensed traditional financial institute where the license may limit your business scope and your activities may be limited to what is permitted under the license, which is a tricky issue for blockchain companies; or you may bypass the license by doing something that doesn’t need a license.”

 

Hongfei may be sour to the regulation of blockchain in the financial sector, however he seems to believe that gaming is the next viable option for the development of the blockchain industry. He believes that the future of gaming will also be linked to blockchain, even going so far as to create a virtual society that can be played in:

 

“ In the future, blockchain games may present a virtual world similar to that constructed in the sci-fi film “Ready Player One” where all the virtual assets are recorded on the blockchain, the implementation of which requires a flawless economic model. However, we can’t predict the timing of such games. I hope that someday blockchain games can even be played by my daughter.”

 

He goes on to claim that while there are many public chains, there are not enough quality applications running on them, effectively making the blockchain pointless.