China escalates crypto crackdown

in #china7 years ago (edited)

China is escalating its clampdown on cryptocurrency trading, targeting online platforms and mobile apps that offer exchange-like services, according to people familiar with the matter.

While authorities banned cryptocurrency exchanges last year, they’ve recently noted an uptick in activity on alternative venues. The government plans to block domestic access to homegrown and offshore platforms that enable centralized trading, the people said, without being more specific about how policy makers define such platforms.

Authorities will also target individuals and companies that provide market-making, settlement and clearing services for centralized trading, the people said, asking not to be named because the information is private. Small peer-to-peer transactions aren’t being targeted, they said.

Bitcoin fell 1.2 percent to $13,580.50 at 11:36 a.m. in London, according to Bloomberg composite pricing.

The Chinese government’s rolling clampdown has roiled global markets for bitcoin and other digital tokens over the past few months. Regulators around the world are stepping up scrutiny of cryptocurrencies amid concerns over excessive speculation, money laundering and tax evasion.

Up until early last year, China was the most active market for bitcoin trading on exchanges. It’s still home to some of the biggest bitcoin miners, though they’ve begun looking elsewhere as local authorities call for curbs on the industry.

China’s central bank didn’t immediately respond to a faxed request for comment.

https://www.bloomberg.com/news/articles/2018-01-15/china-is-said-to-escalate-crackdown-on-cryptocurrency-trading

Sort:  

Copying/Pasting full texts without adding anything original is frowned upon by the community.

These are some tips on how to share content and add value:

  • Using a few sentences from your source in “quotes.” Use HTML tags or markdown ">" before the quote.
  • Linking to your sources.
  • Include your own original thoughts and ideas on what you have shared.
  • It is recommended that the quotes should not cover more than 50% of the whole post. At least 50% of the content should be original.

Repeated copy/paste posts could be considered spam. Spam is discouraged by the community, and may result in action from the cheetah bot.

If you are actually the original author, please do reply to let us know!

Thank You!

More Info: Abuse Guide - 2017.

The Chinese government is desperate to stop the off shoring of money. While central banks are destroying the purchasing power of fiat people will do anything they can to protect what they have.
This has just begun. Ham handed government interference is going to increase and it is the biggest threat the cryptos. Pay attention, it may soon come to your country.

This post has received a 2.12% upvote from @lovejuice thanks to @donatasg. They love you, so does Aggroed. Please be sure to vote for Witnesses at https://steemit.com/~witnesses.

You got a 1.78% upvote from @upmewhale courtesy of @donatasg!

Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://www.fin24.com/Tech/News/china-said-to-escalate-crackdown-on-cryptocurrency-trades-20180115

This post has received a 7.14 % upvote from @sleeplesswhale thanks to: @donatasg.

You got a 0.47% upvote from @postpromoter courtesy of @donatasg! Want to promote your posts too? Check out the Steem Bot Tracker website for more info. If you would like to support development of @postpromoter and the bot tracker please vote for @yabapmatt for witness!

You got a 0.42% upvote from @upme requested by: @donatasg.
Send at least 2.5 SBD to @upme with a post link in the memo field to receive upvote next round.
To support our activity, please vote for my master @suggeelson, as a STEEM Witness