China is escalating its clampdown on cryptocurrency trading in a bid to finally quash the market completely. Beijing’s tougher stance will develop to target overseas platforms that offer exchange-like services to mainlanders and allow them to trade the digital assets class.
Bloomberg quoted unnamed sources on Wednesday afternoon as saying the authorities would tighten regulations on its citizens’ participation in overseas transactions. The new rules are intended to “scrutinize the Chinese bank and online-payment accounts of businesses and individuals suspected of facilitating trades on offshore cryptocurrency venues,” the people said.
As a result of that decision, Chinese regulators may also step up measures to freeze assets or block accounts of identified participants from the nation’s financial system.
After clamping down on domestic trading of virtual coins, the government plans to close the few remaining loopholes in order to entirely restrict its citizens from transacting cryptocurrencies or participating in ICOs held abroad.
The move acknowledges that recent attempts to stamp out the crypto frenzy by shutting down service providers at home had failed to completely eradicate the mania that has been sweeping China.
China’s raid on the digital asset class, which started in September 2017, failed to dampen local investors’ enthusiasm as many have resorted to online-payment accounts and P2P venues to get around the crackdown.
TheBitcoinNews.com – Bitcoin News source since 2012
Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. TheBitcoinNews.com holds several Cryptocurrencies, and this information does NOT constitute investment advice or an offer to invest.
Everything on this website can be seen as Advertisment and most comes from Press Releases, TheBitcoinNews.com is is not responsible for any of the content of or from external sites and feeds. Sponsored posts are always flagged as this, guest posts, guest articles and PRs are most time but NOT always flagged as this. Expert opinions and Price predictions are not supported by us and comes up from 3th part websites.
Advertise with us : Advertise