China blocks access to international cryptocurrency exchange bureaus

Although in 2018 China banned the Initial Offers of Currencies (ICOs) and later trade with cryptocurrencies, the citizens of the Asian country continue to access international platforms for the exchange of these assets, something that has put the authorities on alert , who have decided to prohibit access to these platforms through its Great Firewall, known in English as The Great Firewall of China.

According to a Financial News report, China does not want any of its citizens to have access to these cryptocurrency sites, and therefore, a spokesman for the People's Bank of China said:

To prevent financial risks, China will intensify measures to eliminate any national or foreign platform related to the cryptocurrency and ICOs trade.

As many experts predicted, the ICOs and the cryptocurrency trade were not reduced in China after the bans, and after seeing the local Exchanges closed, Chinese citizens resorted to international trading platforms to continue participating in the market.

In this regard, the Chinese authorities claim that the regulatory evasion allows them to take this measure, especially because the financial risks associated with these activities are based on the illegal issuance of foreign currency, pyramid schemes and fraud.

As we previously informed, after the first prohibitions in China with respect to the exchange houses and ICOs, many of these companies sought to make a living in Singapore, Hong Kong and Tokyo, since these are environments a little more friendly for the development of the deal.

With this measure, no Chinese citizen can access any of these exchange offices, which translates into significant losses for a market of cryptocurrencies that does not stop falling. For its part, the Great Firewall serves for individual domains and forbidden keywords on platforms such as Google or Facebook.

It is not clear until now if a Chinese citizen with enough experience in the computer sector, can break this blockade through a VPN service, however, the letters are cast and China is still betting on the death of cryptocurrencies, something that will surely depend on the willingness of the community to keep them in flight.