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China is reportedly raising the bar on its cryptocurrency crackdown

CyberWisdom Safe Harbor Commentary:

A recent story from cnbc.com compares things we don’t talk about but citing anonymous sources, Bloomberg quoted Beijing as saying it plans to prevent domestic visits to China and offshore cryptocurrencies, which allow for centralized transactions. Chinese authorities will also target individuals and companies that make market-making, clearing and settlement services for centralized trading.

According to reports Monday, China is targeting websites and mobile apps that provide services similar to electronic money exchanges. Citing anonymous sources, Bloomberg quoted Beijing as saying it plans to prevent domestic visits to China and offshore cryptocurrencies, which allow for centralized transactions.

Bloomberg said the Chinese authorities will also target individuals and companies that make market-making, clearing and liquidation services for centralized trading. It does not say these plans in more detail.

China is targeting websites and mobile apps that offer cryptocurrency exchange-like services, it was reported Monday. Beijing plans to block domestic access to Chinese and offshore cryptocurrency platforms that allow centralized trading, Bloomberg said, citing unnamed sources. Chinese authorities will also target people and companies that provide market-making, settlement and clearing services for centralized trading, Bloomberg said. It did not described these plans in any further detail. The country shocked the digital currency space in 2017 when it moved to ban initial coin offerings (ICOs) — a means for start-ups to raise funds by selling off new cryptocurrencies — and shut down domestic cryptocurrency exchanges. Major digital currencies fell last week after reports of South Korea banning cryptocurrency trading via exchanges emerged. Engaging post, Read More…

thumbnail courtesy of cnbc.com.

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