China to Block All Cryptocurrency Websites, Markets in the Red

Crypto Currency, ICO Ads Disappear From China's Social Media Platforms

Crypto Currency, ICO Ads Disappear From China's Social Media Platforms

In other words, the government there plans to restrict its citizens from trading in cryptocurrencies at overseas exchanges or participating in initial coin offerings held abroad.

Amid fears of Bitcoin bubbles and big money cybercrimes, China vows to put an end to all cryptocurrency trading - foreign and domestic. In the country, the cryptocurrencies ad relating to Bitcoin and other cryptocurrencies has scrubbed from search engines and social media in China.

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Dissatisfied with the current measures, the Chinese authorities have made a decision to block all websites related to cryptocurrency trading and ICOs, the South China Morning Post reported earlier today, citing Financial News, a publication affiliated with the People's Bank of China (PBoC). According to a statement by the China Internet Financial Association, foreign trading platforms constitute the same financial risks as the local platforms which have already been banned. But, that didn't solve the issue of people accessing foreign services within the country.

The move was apparently triggered by Beijing's previous failed attempts to eradicate cryptocurrencies by shutting down domestic exchanges.

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This may well be true, but it should also be noted that Chinese people are now using Japanese and Korean exchanges, so a drop in yuan trading doesn't necessarily mean that China is less of a dominant force. After the closure of the domestic virtual currency exchanges, many people turned to overseas platforms to continue participating in virtual currency transactions.

Also, we have reports from China that say that apart from the ban within China, the regulators are also looking for ways by which the Chinese people invest in ICOs outside China as well. "Risks are still there, fueled by illegal issuance, and even fraud and pyramid selling". The global value of bitcoin and other cryptocurrencies have plunged this year amid fears of a crackdown in Asia. At the start of February, Finance Minister of India Arun Jaitley has said that Bitcoin and cryptocurrency use and trading is illegal but Blockchain technology can be utilized. Also, the fact that a rapid rise in various currencies' value a year ago could reflect a bubble, concerns investors. The Chinese government is apparently suggesting to obstruct the domestic way to overseas websites that volunteer assistance for cryptocurrency dealing and ICO properties. So if they are blocked, the whole cryptocurrency market will be dragged down.

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