New Report Shows China’s Intentions to Forbid Foreign Exchanges, ICOs

New Report Shows China’s Intentions to Forbid Foreign Exchanges, ICOs

Earlier in mid-January Bloomberg, referring to people aware of the case, reported that Chinese government planned to ban internal access to Chinese and offshore cyber money platforms that allow centralized trading. The view of country’s officials has not changed much since that time.

On February 4, The People’s Bank of China’s media outlet Financial News released a report, according to which the state’s government ostensibly is preparing a range of control gauges as a part of the subsequent clampdown on virtual money.

Our top trading bots

A Storm About to Break

Chinese Central Bank started tightening the crypto ‘screws’ around a year ago. In September 2017, China forbade initial coin offerings, as well as bitcoin trading, which could put the country’s economy at risk. Because of this, lots of domestic crypto exchanges had to shut down.

And this time, the authorities are reportedly going to target all sites (no matter whether it’s an internal or an external one), connected to the industry of virtual assets and ICOs. Merely speaking, the authorities may ban all of them.

According to the government-supported site ThePaper.cn, in the report, published by the Chinese Central Bank’s (PBoC) newspaper, it was said:

“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.”

Also, it was reported that after the first stage of the clampdown, the size of yuan-denominated crypto trading has fallen from more than 90% of worldwide trading scope too less than 1%. It was also stated that such results helped to diminish the jeopardies for the economy. Remarkably, the Chinese government released the first ‘Notice’ of an absolute taboo on ICOs at the beginning of September 2017. By the end of the month, the sanctions led to the cessation of trading on crypto platforms.

No Getaway

Moreover, the Sunday’s report hinted that the realization if the regulatory ban is done in accordance with the initial ‘Notice,’ and it was found out that the taboo prompted local traders and investors to dodge the restrictions thanks to foreign exchanges, including Japan and Hong Kong as primary whither. In particular, despite the ban, there still have been proceeded trans-border operations, as well as dodged restrictions on cyber money trading and ICOs practices.

By the way, recently influential bitcoin exchange BTCC, previously based in China, has been acquired by the Hong-Kong blockchain investment fund. Its CEO, Bobby Lee explained the decision about the relocation by the exposure to a broader variety of sources in much freer region, needed for the platform’s survival.

In the report, it was also admitted that the government is aware of jeopardies which still exist, among which there are scams, illicit emission, and even pyramid selling. Perhaps, that is the reason why authorities want to target international crypto websites.

Finally, after January’s Bloomberg report, Reuters cited a senior Chinese PBoC Vice Governor Pan Gongsheng, who said that government should have prohibited centralized trading of cyber coins, as well as banned people and companies that offer this kind of services.

Worth $250,000? Draper Says His Bitcoin Prediction is Still «Solid»
Crypto-bull and venture capitalist Tim Draper holds on his previous claim in four years bitcoin’s price might surge as high as to $250,000. However, he...
French UNICEF Accepts Donations in 9 Cryptos
If you are a crypto-enthusiast who would like to help children, then this is your time. The French leg arm of the UNICEF has begun “The Hopepage” was created. Visitors...
Another Crypto-Bubble Went Off But Prices May Still Grow, Ethereum Co-Founder Says
The fact that recently the cyber-assets’ prices dropped does not mean there will be an impediment in their potential increase. This is the opinion of the...
Argentinian Bank Uses BTC For Trans-Border Remittances
The saying says that if you can’t beat them, then join them. Bitcoin and its brethren have been considered as a threat to the dominating traditional banking...
Ether Capital Shares Start Trading On Toronto Exchange
Crypto-companies keep conquering the field of finances. In particular, Ether Capital – the stock of cyber assets investment firm – started trading on NEO...
Buterin: DON'T Invest In Crypto More Than Ready To Lose
Ethereum founder Vitalik Buterin warned investors about the risks existing at the cryptocurrency market and advised them not to invest all their savings...
SETI: Crypto-enthusiasts Hinder The Search For Aliens
The scientist of the Institute for the Search for Extraterrestrial Intelligence (SETI) said that the "cryptocurrency fever" and the popularity of mining...
BIS Head Called Bitcoin a Ponzi Scheme, Urged Central Banks To Act Against It
Agustin Carstens, the General Manager of world’s central banks ‘parasol’ – Bank for International Settlements – has expressed his negative attitude towards...
Online Dating With AI: DateCoin Project Goes To ICO
The DateCoin service was presented at the international exhibition IFX EXPO ASIA 2018 in Hong Kong. It gathered more than 2200 ETH in the framework of...
Ratings Firm Grades Ether Higher Than Bitcoin, Kindles Online Backlash And a Cyberattack
Recently, Weiss Ratings released the first evaluation of digital currencies, including the most outstanding ones as bitcoin and ether. The firm claims...
Nobel Prize Winner Thaler Says Cryptos Are Likely a Bubble, Soros Assures The Burst Won’t be Huge
It is the time when pundits weigh in the cryptocurrency rage. Recently, the business magnate George Soros emphasized that he considers cyber money as a...
Lagarde Concerned About Energy That Mining Swallows Up, May Offers To ‘Look Into Bitcoin’
The great world leaders are now paying precise attention to the most intriguing cryptocurrency on the market. Among them are the British Prime Minister...
JPMorgan’s Jamie Dimon Accepts Being Wrong When Called BTC a “Fraud”
The Chairman and CEO of the US largest bank JPMorgan Chase – Jamie Dimon – five months after calling bitcoin a “fraud” decided to take it back. In a conversation...
Why Bitcoin Will Never Survive Without Fiat
People consider bitcoin unique in lots of terms. But it is especially peculiar if compared to the economy of a country. Bitcoin network will perennially...
Altcoin to Invest: Golem
Golem Network (GNT) is a decentralized computer network. Golem is almost like any other blockchain project that has tokens. Its value is $0,21 although...