China’s stance on cryptocurrencies has been very unstable the past couple of months. It was believed that the country will restrict a lot of exchanges, brokers and ICOs, and it is now official.
In a new report by the state-funded website ThePaper.cn, China is reportedly blocking all of the websites (domestic and foreign) that are related to cryptocurrency trading and initial coin offerings (ICOs) in what is believed to be the country’s final say on the industry.
The newspaper also states that authorities in China are lining up a number of regulatory measures that will help them with the crackdown of the industry. The People’s Bank of China (PBoC) also began ramping up the scrutiny against the domestic exchanges last year.
An excerpt from the article says:
“To prevent and mitigate financial risks, authorities will take regulatory measures against ICOs and virtual currency exchanges inside and outside the country, including the banning of relevant businesses, banning and disposing of domestic and foreign exchange virtual currency websites.”
In case you forgot, China first issued a ‘notice’ of a sweeping ban on ICOs (September 4th) followed by restrictions to shutter domestic crypto exchanges (September 30th). Presently, Beijing’s ongoing move to ban the entire access to domestic cryptocurrency businesses and international exchanges comes as big news. The authorities have even issued a public notice to warn investors of the risks in overseas cryptocurrency trading and their participation in ICOs.
At this point, Switzerland, Cyprus and Canada remain as ideal destinations for crypto firms and miners.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]