China intensifies the ban on cryptocurrency that blocks 124 offshore trade

China will soon block access to more than a hundred international cryptocurrency exchanges and other platforms while government repression increases, local media reports on 23 August.


Beijing On Crypto: We will continue to ban everything

According to the South China Morning Post quoting the Chinese resource Shanghai Securities News, the legislators will stop the availability of 124 "websites managed by offshore cryptocurrency platforms that provide trading services to citizens on the mainland. "

The move comes the same week as Beijing places including hotels, shopping centers and offices from the promotion or hosting of events that support cryptocurrency. A separate ban governing eight crypto-media outlets has also entered into force, Bitcoinist reported.

According to Shanghai Securities News, the central authorities "will continue to monitor and close the national sites related to cryptocurrency operations and initial coin offerings (ICOs) and prohibit payment services from accepting cryptocurrencies, including bitcoins. "

The document referred to" people close to the main group of Internet Financial Risks Remediation ", a working group existing since 2016 under the auspices of the Chinese Central Bank.

China & # 39; s Lonely Stance

China started its anti-cryptocurrency policy only two months after new optimism emerged regarding a possible turnaround.

A speech by President Xi Jinping calling Blockchain an integral part of the "new industrial revolution" popped up, with local media suggesting that there may be reasons for legislators to readjust the status of cryptocurrency

  People & # 39 ; s Bank of China

Nonetheless, in July, the People's Bank of China (PBoC) appeared lively on its policy of banning reducing the trade in Chinese cryptocurrencies to less than 1% of global volume. China had previously been the largest commercial environment in the world by volume.

The regulators of the route have chosen meanwhile puts China increasingly in disagreement with the rest of the international community.

The neighboring South Korea, which like Beijing has introduced ICO bans and threatened an exchange ban last year, has since decided to create a regulated environment for platform operators, while politicians are currently discussing a # 39; reversal of the ICO decision.

What do you think of the last step of China? Let us know in the comments below!


Images courtesy of Shutterstock, Bitcoinist archives

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