Chinese official presses for a ban on centralized crypto trading

Posted 16 January, 2018

Beijing is about to ban centralized digital coin trading and take measures against individuals and enterprises that provide these services, reported a source.

According to the memorandum signed during the governmental meeting, the vice chairman of People's Bank of China stated that Beijing would press further on crypto trading and might restrain risks accumulation on this market.  

The central and local authorities reportedly have to forbid platforms providing centralized cryptocurrency trading, with bitcoin being the most popular coin. Moreover, they have to take steps against individuals or organizations providing services for the trading of such currencies (for example, e-wallets providers).

In the words of PBOC's vice chairman, during the financial conference, it was found out a need to restrict innovations standing out from the requirements of real economy and being unregulated.  

Last year Chinese regulators banned ICO, closed local platforms and limited bitcoin mining activity, though the crypto market has kept growing via alternative schemes in the country.

The authorities must block domestic and foreign websites and close mobile apps that provide centralized services for cryptocurrencies trade to Chinese users. Besides, as the official commented, local authorities should launch investigations against services for foreign fund transfers.  

China has become one of the major mining sources in the world and this issue must get high priority level and be settled as a matter of urgency, added the official.

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