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China bans trading in international cryptocurrencies.

China bans trading in international cryptocurrencies.

February 7, 2018 6:04 am,

China has a long tradition of blocking unwanted foreign websites using the so-called Great Firewall of China and Now, it will add offshore or international cryptocurrency exchanges and ICO websites to its Great Firewall, as said by People’s Bank of China.

“Overseas transactions and regulatory evasion have resumed,” said an article which was published on Sunday (4th February 2018) night by the People’s Bank of China. “Risks are still there, fueled by the illegal issuance, and even fraud and pyramid selling.”

Chinese authorities have decided to block internet access to overseas cryptocurrency exchanges, effectively cutting them off from the market in China like Google or Facebook. This comes after regulators determined that all their previous attempts to stop local investors from taking part in bitcoin trading and Initial Coin Offerings (ICOs) have failed in their mission so far.

Since China canceled out on operations of local exchanges, which was once the world’s most active bitcoin trading venues, the Chinese industry quickly moved offshore to Hong Kong, Singapore, Tokyo and beyond.

The websites offered Chinese language support and users had various ways to fund their accounts. Now the plan is to prevent all access to the sites completely, so none of these bypasses will get a chance to work.

PBoC says that it aims to tighten regulations on domestic investors’ participation in overseas transactions of ICOs and virtual currencies, as risks are still high in the sector, hence this step.

China’s central bank has gone a step further in effectively constructing a firewall to keep domestic traders and investors from using websites of international cryptocurrency exchanges. Implementing the regulatory blockade is done with the ‘spirit of the Notice’, the publication added, confirming its findings that domestic investors had turned to overseas platforms after the local ban.

The Great Firewall works by both targeting individual domains and general forbidden keywords. So will the Chinese government be able to stop its citizens from buying bitcoin this time around?

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