New report suggest China has banned Bitcoin OTC, foreign exchanges and potentially mining

blockrush (58)in #bitcoin • 7 years ago (edited)

New reports indicate that the Chinese Bitcoin crackdown is extending beyond just trading to Bitcoin usage and potentially mining.

China has banned OTC trading

Contrary to earlier reports, China is has told all exchanges to stop peer-to peer Bitcoin trading.

China has banned foreign exchanges

Sine the closure of local exchanges, Chinese investors seem to be using foriegn exchange to continue to transact Bitcoins, making the Japanese Bitcoin trading volume the second largest in the world.

The move by Chinese traders to foreign exchanges could cause the government to follow their traffic by banning foreign Bitcoin exchanges.

Already China is known for using the "great fireware" to censor Internet traffic and it could be extended to Bitcoin exchanges like Local Bitcoins and Coinbase.

China could ban mining

Also, there are rumors that China could ban Bitcoins mining. Bitcoin Cash support and CEO of ViaBTC, Haipo Yang said;

Technically, China can't ban bitcoin traffic, we have our own sync network. But if China gov say mining is illegal, we are fucked.— Haipo Yang (@yhaiyang) September 17, 2017