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China plans to stamp out all crypto trading

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by , 02-06-2018 at 08:58 AM (401 Views)
      
   
CHINA plans to stamp out all remaining cryptocurrency trading in the country by blocking access to overseas-based websites and removing related applications from app stores.

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The moves were outlined in a report on Sunday by Financial News, a publication under the People’s Bank of China, which said the aim was to snuff out the “dying cinders” of cryptocurrency trading and initial coin offerings “which are glowing once more.”

Faced with Chinese citizens who continue to trade cryptocurrency on platforms operated beyond the country’s reach, or take part in initial coin offerings, authorities will “ratchet up oversight in a sustained manner,” the report said.
After launching a campaign last year, authorities eliminated most cryptocurrency trading in the country. China’s share of trading plummeted from 90 percent of the world to below one percent, the report said.

That crackdown sent Chinese cryptocurrency traders to overseas platforms operated in Hong Kong and Japan. The latest regulatory moves aim to cut off access to them.

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