China Might Escalate Crackdown on Cryptocurrency Trading

China is again set to tighten crypto restrictions within its borders. Now, the Chinese government is targeting online platforms and mobile apps providing trading services to cryptocurrency enthusiasts, according to a recent report by Bloomberg.

According to Bloomberg’s unnamed source, the authorities will block domestic access to all Chinese citizens as well as the international platforms offering cryptocurrency trading services.

The Chinese government will also target individuals and companies that provide market making, settlement and clearing services for centralized trading, Bloomberg reported, though the authorities might spare the small peer-to-peer transactions.

Recently, another report surfaced that the Chinese authorities are looking for measures to curb the still booming crypto mining business in the country. According to a leaked report, an order has been issued to local governmental bodies to limit the amount of electricity allotted for the mining of cryptocurrency along with limitations on land use, tax, and environmental protection, thus finally forcing mining businesses to make an “orderly exit.”

Though officials did not confirm these regulations, the mining giants are already looking for new homes overseas, most likely in the Canadian region of Quebec, according to various reports.

Recently, one Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term mining pool - ViaBTC - closed its doors, though there was no direct connection between this and the restrictive regulations.

Recently, the National Internet Finance Association of China, a self-regulatory ‎organization focused on online finance, issued a warning to investors regarding so-called ‘Initial Miner Offerings’, telling them to be cautious when ‎dealing with the nascent fundraising mechanism.

The Chinese crackdown on Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term started in September last year, as the authorities banned ICOs. But the ‎government didn’t stop there. Within days, it also enforced a crackdown on cryptocurrency exchanges, which drove all of them out of business overnight. This was a huge blow to the cryptocurrency market, not only within China but also worldwide, as China was the largest Bitcoin market then.

Through the crypto market plunged for a while after that, the demand in other emerging markets like Japan and South Korea gave it a boost, and the crypto economy soared again.