Chinese government media again raised the topic of a complete ban on crypto-currency trading in the country

alex2016 (62)in #cn • 7 years ago

Against the backdrop of a deeply negative news background around bitcoin and other crypto-currencies controlled by the Central Bank of China, the publication issued another material, which reports on the intention of the authorities to put the final barrier in the way of crypto-currency trading. About this writes South China Morning Post.

"In order to prevent financial risks, China will take additional measures to block any domestic and foreign platforms related to the trading of virtual currencies or the ICO," the Financial News article said.

Also, the publication claims that the recent efforts of the Chinese authorities to close local exchanges did not help completely stop cryptrading

"Despite the official ban, ICOs and trading virtual currencies never left China. After the closure of local exchanges, many are turning to overseas platforms, continuing to make transactions in virtual currencies. "

Thus, the newspaper notes, citizens still continue to bypass regulatory restrictions, although there are big risks like illegal emission of tokens, fraudulent schemes and financial pyramids.

Simultaneously, the state news agency Xinhua quotes representatives of the People's Bank of China, according to which the authorities intend to tighten regulation in the field of admission of local investors to foreign trading platforms and ICO.

Thus, it can be assumed that the authorities intend to create in fact one more "Great Chinese firewall", this time aimed at the crypto-currency industry as a whole.

It should be noted that similar reports about the possible blocking of access to local and foreign platforms for centralized trading came in mid-January. As it was reported at the time, the focus of officials was "online platforms and mobile applications that offer similar services to the exchange."

At the end of last week it also became known that large social networks and search systems in China stopped displaying advertising or sponsorship content related to bitcoin and other crypto-currencies.