Sunday, 21 July, 2019


China to Ban Cryptocurrency Trading on Foreign Platforms

Bitcoin ban China to Ban Cryptocurrency Trading on Foreign Platforms
Bennie Garza | 06 February, 2018, 14:42

Although Chinese authorities have already banned domestic exchange platforms, the move didn't help to resolve the problem as people kept accessing foreign websites within the country.

The moves were outlined in a report 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".

As we reported at the time, the Chinese government banned ICOs in September a year ago, and followed that with a decree outlawing cryptocurrency exchanges.

In the aftermath of the ban, crypto traders on the mainland began to subscribe to foreign cryptocurrency trading platforms and served as an opportunity for Chinese citizens to access the market.

"Overseas transactions and regulatory evasion have resumed ... risks are still there, fuelled by illegal issuance, and even fraud and pyramid selling", the article added. Also, to ensure their tools were not being used to funnel money into cryptocurrency trading.

The central bank - according to a report by the official Securities Times - orders financial institutions to stop providing banking services or funding for any activity related to cryptocurrencies.

It said some platforms, mostly based in Japan or Hong Kong, used "over the counter" (OTC) systems to allow individual traders to perform peer-to-peer transactions. But despite many countries trying to regulate the market, the very nature of cryptocurrency makes it very hard to localize.

It's uncertain whether new regulations will be effective in eliminate trading in the country completely, as China houses some of the world's largest bitcoin mines.

The extent of the ban can be understood from the fact that even an online search for the terms such as "Bitcoin", "ICO", and "crypto currency" on Chinese social media sites draw a blank. Bitcoin is now trading below $8000 Dollars down from close to $20,000 in December.

Bitcoin fell by 10%, down to $ 7,300 on Monday, reaching its lowest level since November, Sputnik reported.

This month, South Korea considered banning all cryptocurrencies exchanges in the country, which sent the market plummeting and caused mass panic.

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