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| Capture d'écran et source: https://themarketmogul.com |
2 min read /
China will block all cryptocurrency or ICO related websites on
platforms based abroad in an attempt to completely quash the market.
On Monday, the state-media agency Xinhua said the state will look to heighten measures on domestic investors participating in overseas transactions of ICOs and virtual currency in an effort to stop what it deems “the high risks” from the sector. This is widely believed to mean that the country will be looking to raise its notorious “Great Firewall of China” on any crypto-related website.
This new Beijing stance will effectively ban all forms of activity relating to cryptocurrency and puts a complete break on any ICO or crypto-trading. Following reports of a crackdown, advertisements for cryptocurrencies and ICOs disappeared from China’s biggest search engine, Baidu as well as its social media platform, Weibu.
China’s recent efforts to curb cryptocurrency markets, which have been wildly popular throughout the country, have involved shutting down domestic exchanges. However, an article published by the Financial News, a new source linked to the People’s Bank of China (PBOC), admits this has failed to stop trading on the mainland.
The frenzy surrounding cryptocurrency has led to high price volatility and in some cases fraud. On Saturday, angry investors took Jiang Je the founder of the ICO project ARTS forcibly down to the Beijing Municipal Financial Bureau accusing him of committing fraud. The value of ARTS token fells from 0.66 yuan to 0.13 yuan two weeks after its ICO and listing on an exchange in late January.
China had originally banned both ICOs and crypto-exchanges in September. However, trading between individuals, whilst legally dubious, continued un-impeded and many major investors raised funds from mainland investors whilst relocating to either Hong Kong or Japan.
Instead of an outright ban, other countries have announced plans to create a regulated cryptocurrency market; then Russian Finance Ministry has announced plans to introduce a bill that will recognise cryptocurrencies as “digital financial assets”.
On Monday, the state-media agency Xinhua said the state will look to heighten measures on domestic investors participating in overseas transactions of ICOs and virtual currency in an effort to stop what it deems “the high risks” from the sector. This is widely believed to mean that the country will be looking to raise its notorious “Great Firewall of China” on any crypto-related website.
This new Beijing stance will effectively ban all forms of activity relating to cryptocurrency and puts a complete break on any ICO or crypto-trading. Following reports of a crackdown, advertisements for cryptocurrencies and ICOs disappeared from China’s biggest search engine, Baidu as well as its social media platform, Weibu.
China’s recent efforts to curb cryptocurrency markets, which have been wildly popular throughout the country, have involved shutting down domestic exchanges. However, an article published by the Financial News, a new source linked to the People’s Bank of China (PBOC), admits this has failed to stop trading on the mainland.
The frenzy surrounding cryptocurrency has led to high price volatility and in some cases fraud. On Saturday, angry investors took Jiang Je the founder of the ICO project ARTS forcibly down to the Beijing Municipal Financial Bureau accusing him of committing fraud. The value of ARTS token fells from 0.66 yuan to 0.13 yuan two weeks after its ICO and listing on an exchange in late January.
China had originally banned both ICOs and crypto-exchanges in September. However, trading between individuals, whilst legally dubious, continued un-impeded and many major investors raised funds from mainland investors whilst relocating to either Hong Kong or Japan.
Instead of an outright ban, other countries have announced plans to create a regulated cryptocurrency market; then Russian Finance Ministry has announced plans to introduce a bill that will recognise cryptocurrencies as “digital financial assets”.
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