China’s Bitcoin Crackdown Continues

China isn’t taking too kindly to digital currency. Weeks after banning the controversial initial coin offerings after classifying them as illegal means of funding, it’s continuing its crackdown on the most popular digital currency out there. According to reports, China is going to enforce a “comprehensive” ban on bitcoin trading exchanges.

The country has already been cracking down on big commercial bitcoin trading exchanges. The Wall Street Journal hears from sources that China is now going to go forward with a comprehensive ban on smaller bitcoin trading channels.

These include over-the-counter platforms that enable buyers and sellers to find each other. It’s not clear at this point in time whether this ban will extend to peer-to-peer trades through messaging apps.

Nothing has been officially announced as yet but there are concerns that the country may also look to block access to foreign bitcoin trading exchanges. However, it’s not going to surprise anyone if the country does decide to go through with this.

The reports about China’s aversion to bitcoin has caused the digital currency’s price to take a hit. Many users have now been searching for alternatives as the uncertain situation worries bitcoin traders.

One thing is for sure though, it seems like it’s going to get tougher for bitcoin traders in China to carry on business as usual.

Adnan Farooqui
Categories: General
Tags: bitcoin, _cold