China to Block more than 120 Foreign Cryptocurrency Exchanges

3 min read

Reports from the South China Morning Post stated the Chinese government might block 120 cryptocurrency exchanges from being used in China. These 120 cryptocurrency exchanges are based outside China. The news was confirmed by a leading newspaper called Shanghai Securities News which has strong connections with China’s financial and markets regulators.

China’s government has publicly stated its interest in the underlying technology of cryptocurrencies which is Blockchain. Even banks such as the People’s Bank of China (PBoC) revealed their interest in Blockchain.

However, the Chinese government is completely against cryptocurrency and Initial Coin Offerings (ICO’s). Thus Chinese cryptocurrency exchanges such as Bitfinex, Binance and OKEx have been shut down since February pertaining to the strict regulations in China.

Since the start of the cryptocurrency crackdown, Shangai Securities News reported 88 cryptocurrency exchanges along with 85 ICO projects had been shut down. The Yuan-Bitcoin trading accounted for 90% of the world’s total Bitcoin trade however since the crackdown it is now at a mere value of less than 5%.

This news comes a day after WeChat, China’s leading social media platform banned cryptocurrency media outlets from its platform. The reason for the ban was due to cryptocurrency and ICO’s being a sensitive topic in China.

Pan Gongsheng, the Central Bank Deputy Governor made an interesting claim last December about China making the right decision about cryptocurrency exchanges-

“If things were still the way they were at the beginning of the year, over 80 per cent of the world’s bitcoin trading and ICO financing would take place in China – what would things look like today? It’s really quite scary.”

 

Users on Twitter pointed out that China will regret it’s anti cryptocurrency decision. Twitter user ‘Chris Given’ replied to the news with mentions of a decentralised internet coming out soon, and China going to ground zero due to its regulations.

Bitcoin mining, however, seems to prevail in the anti cryptocurrency conditions of China. Twitter user ‘DvD’ replied to a Tweet with the news emphasising on Bitmain which is the biggest miners of Bitcoin, and it’s headquarters being in Beijing, China.

Elite CurrenSea

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