China To End Cryptocurrency Trade

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After the global clampdown on cryptocurrencies, China is planning to end trading in cryptocurrencies through a series of measures that include restricting access to foreign websites and removing some of the related apps from app stores.

China To End Cryptocurrency Trade

The report by Financial News about the outlined moves said that the authorities will "ratchet up oversight in a sustained manner as the country's citizens continue to trade in cryptocurrencies on overseas platforms operated out of Japan and Hong Kong which are beyond its reach or participate in Initial coin offerings.

Through a campaign launched last year, the cryptocurrency trading in China was eliminated to a large extent by the authorities. And as per the report, the share of China in global cryptocurrency trade plummeted to less than 1% from the earlier 90%.

The report said that as part of the regulatory moves financial authorities will work in coordination with telecom regulators for cutting off access to such overseas-based websites as well as mobile apps that offer illegal trading in ICOs. The authorities will also take action against domestic and overseas based websites providing such trading platforms for cryptocurrencies.

Meanwhile, the price of bitcoin slumped to $7950 on Coinbase on Monday after reaching the high of over $20000 on December 17, 2017.

With Inputs From PTI

Story first published: Monday, February 5, 2018, 17:36 [IST]
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