It seems like the government of China is tightening up its regulation in regards to cryptocurrencies. In the latest news, the government prepares to further block access to more than 120 offshore cryptocurrency exchanges whose websites are still accessible by the Chinese.
The news first appeared on the South China Morning Post, which is a major financial news outlet, the authorities associated with the Leading Group of Internet Financial Risk Remediation – founded in 2016 by central bank officials – are apparently planning to begin blocking the IP addresses of the 124 cryptocurrency trading platforms that still serve the Chinese mainland residents.
Obviously, the goal for the government of China is to only allow access to domestic cryptocurrency exchanges. However, the entire action seems coordinated – starting from the earlier news that the authorities in Beijing raided shopping malls and hotels and stopped them from hosting cryptocurrency-related events.
As a cherry on the cake, the China-based social media giant WeChat also shut down the accounts run by at least eight blockchain and cryptocurrency media outlets for “violating the regulations from official Internet censors.”
Some analysts also said that these actions were made in order to ‘celebrate’ the one year anniversary of China’s initial coin offering (ICO) and crypto trading ban. What’s certain is that the regulation in China is tightening and more similar laws are expected in the future.
As a result of this, the bitcoin price declined by 3% while many other large-cap coins saw decreases of up to 6%.
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