The Chinese authorities will close access to overseas cryptocurrency exchanges to traders


The Chinese authorities intend to block access to all websites related to trade in cryptocurrencies and ICO, including foreign sites. This is written by South China Morning Post with reference to Financial News, a publication related to the People’s Bank of China.

In his article Financial News recognizes that the recent attempt to limit the cryptocurrency has not been successful.

“The ICO and the virtual currency trading were not completely eradicated in China after the introduction of an official ban. After the closure of domestic exchanges, many traders went to overseas platforms and continued to participate in the implementation of cryptocurrency transactions.

Foreign transactions were resumed and care was abandoned. Risks persist and are fueled by illegal emissions and even by fraud and the sale of pyramids,” the publication said.

“People often use VPNs to trade cryptocurrencies, as many exchanges have moved to Japan and Singapore,” said a trader who moved from Beijing to Tokyo after the ban was introduced. “I think the last decision says that now it will be even more difficult to circumvent the ban. People who promote proposals related to this business can be arrested.”

The strengthening of control by the People’s Bank of China “will definitely affect the universe of the cryptocurrency,” says the organizer of a recent ICO. “The majority of Chinese ICO projects are sponsored by Chinese investors. If they are blocked, the whole market will go down. ”

ICO and trade in cryptocurrencies were banned in China last fall, but Bobby Lee, CEO of BTCC, said that this activity just went underground. In addition, many exchanges have been converted into peer-to-peer trading, helping buyers and sellers find each other.

Earlier it became known that Chinese social networks and search engines stopped displaying advertising cryptocurrency.

Leave a Comment

Your email address will not be published.

You may also like

Hot News