Last year the Chinese government cracked down on initial coin offerings (ICO) and stopped all domestic cryptocurrency exchanges from dealing with the renminbi. According to local reports and the central bank’s recent ‘2018 agenda,’ the People’s Bank of China aims to finish what it started in 2017 by “rectifying” all virtual currency operations, introducing new “reforms and supervision.”
Source: https://news.bitcoin.com/pboc-plans-to-continue-rectifying-cryptocurrency-activity-in-china/
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