ANTHONY WALLACE/AFP/Getty Photos)
- China has previously taken steps to curb cryptocurrency trading te the country, but latest moves may eliminate trading te the country downright.
- People’s Canap of China said on Sunday that it would block access to all domestic and foreign cryptocurrency exchanges and ICO websites.
- China already banned Bitcoin exchanges ter late 2018 spil a way to stem online trading, but the attempt failed to eliminate cryptocurrency trading downright.
- The cryptocurrency market has lost $340 billion of value since the embark of January, and many speculate it has much to do with a regulatory crackdown ter Asia.
China has previously taken steps to curb cryptocurrency trading ter the country, but latest moves may eliminate trading ter the country downright.
A news publication affiliated with the People’s Handelsbank of China (PBOC) said te an article on Sunday that it would block access to all domestic and foreign cryptocurrency exchanges and ICO websites, the South China Morning Postbode reported.
China already banned bitcoin exchanges te late 2018 spil a way to stem online trading, but the attempt failed to eliminate cryptocurrency trading totally.
&ldquo,ICOs and virtual currency trading did not downright withdraw from China following the official geobsedeerd,” the article said, according to SCMP.
Instead, many traders turned to foreign exchanges to make cryptocurrency transactions.
&ldquo,Overseas transactions and regulatory evasion have resumed … risks are still there, fueled by illegal issuance, and even fraud and pyramid selling,&rdquo, the article said.
ICOs are a cryptocurrency-based fundraising method that has become popular with startups to raise money. Some industry experts have warned that many ICOs are fraudulent, and operate te the gray area spil they remain unregulated.
China news agency Xinhua said the PBOC would tighten its regulations on domestic crypto investors engaging te foreign transactions of ICOs and virtual currency spil the market remains unstable.
Earlier this month, the PBOC prohibited financial institutions from providing any funding to activities related to cryptocurrencies.
The bans have already affected major cryptocurrency exchanges te the country. Te September, Shanghai-based bitcoin exchange BTCC announced the closure of its China trading operations.
According to the Postbode, China’s moves to verbod cryptocurrency trading ter the country has yet to deter individual investors, who budge their trading to other areas like Hong Kong or Japan while still raising funds from mainland investors.
It’s uncertain whether fresh regulations will be effective te eliminate trading ter the country totally, spil China houses some of the world’s largest bitcoin mines. However, many agree that the moves will certainly have an influence on the Bitcoin market overall.
Stricter regulations by the PBOC will &ldquo,certainly weigh on the cryptocurrency universe,&rdquo, Wayne Cao, who runs a company that recently suggested Ten billion tokens ter an ICO, told the Postbode.
Cao added that most of the Chinese ICO’s, are invested te by Chinese investors, so a accomplish cryptocurrency shutdown would haul the entire cryptocurrency market down.
The bitcoin market has seen enhanced volatility te the last month, and many have speculated that the bitcoin bubble may soon burst.
Bitcoin wasgoed trading below $8,000 a coin on Monday and closed ter on $7,000 for the very first time since November. Bitcoin is now at less than half its December peak of overheen $Nineteen,000.
The cryptocurrency market has lost $340 billion of value since the commence of January, and many speculate it has much to do with a regulatory crackdown ter Asia.
The country did not geobsedeerd all crypto trading, however did tighten regulations on anonymous trading, and has set the tone for other countries looking to crackdown on the cryptocurrency market.