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In order to close the trade and activities related to crypto, is now reportedly the Chinese government to block all crypto stock exchange sites and ICO. Previous attempts to ban crypto exchanges in the country faltered because of difficulties to cover the crypto exchanges in the local country. now, the government continues its efforts by blocking all crypto trading sites, as well as anything related to ICO (Initial Coin Offerings).
the information was reported in the South China Morning Post this afternoon, after the China Daily Financial Times published a report on the plan the day before. the Chinese central bank's (PBOC) commentary said, "To prevent financial risks, China will increase pressure in removing platforms relating to the trading of virtual currencies and ICOs".
in the news, it is also said that digital currency eradication efforts and efforts to shut down the local crypto market in the country have failed to completely eradicate crypto trade.
pBOC also said, "After an official ban from the Chinese government, ICO and virtual currency trading, many did not withdraw funds directly from China. many people turn to overseas platforms to continue to trade virtual currencies after the local crypto market closed. "
"Crypto transactions are shifting abroad to avoid regulations ... risks are still there, driven by illegal publishing, even fraud and pyramid practice," as written in the daily. related to fraudulent practices and pyramid schemes under this crypto, the MPS (Ministry of Public Security) and SAIC in China are also intensifying to eradicate them.
the Beijing government with various efforts that have been done so far does look quite effective in banning all forms of activities related to digital currency. the Chinese government also aims to stop all crypto and ICO trades that have spread widely in the country.
The spread of crypto in China is considered to affect retail investors, and has caused considerable price volatility. in addition, there was a fraudulent incident reported to the Chinese government. It led to the Chinese policy holders taking immediate action to prevent the unrest.
more specifically about ICO, the Chinese government also seems to have known that most of the ICO projects ran a lot of Chinese investors as a big market. It does not seem to discourage people in China from continuing to trade crypto. donald Zhao, one of the crypto speculators from China mentioned that most people have used VPNs to do their krypton activities. Zhao explained that most of the activities of buying and selling of crypto have been switched to Japan or Singapore.
Crypto activities are prohibited, Many Entrepreneurs Move to Hong Kong and Japan
PBOC parties two weeks earlier also became more intensive by banning crypto activity in the regions. The ICO ban in China has actually started since September last year. as a result of the ban, seems to be greeted by the number of entrepreneurs who moved to Hong Kong or to Japan.
Apparently, the crypto ban that applies quite firmly in China to be a fresh breeze for the country of Japan and Singapore. the volume of trade in Japanese and Singapore bourses is increasing.ace Yang, Executive Director of Beijing Cathay Capital said, "This is positive news for Japan and Singapore, the demand for trade there is not reduced, while the crypto traders from here must move on to other areas"
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