Government Opinion

China to block access to foreign cryptocurrency exchanges

After we reported that the Chinese government had plans to eradicate crypto gatherings yesterday, news reaching us today indicate that there are plans to ban access to 124 foreign cryptocurrency exchanges.

This is according to Shanghai Securities times which is the mouthpiece of the Chinese financial authorities. According to the report, the China National Fintech Risk Rectification Office says that it has identified 124 crypto trading platforms that have overseas IP addresses and yet they are still available in the country.

The agency now plans to step up its efforts by monitoring the space more carefully. Part of the plan is to block internet access to these crypto trading platforms.

The National Fintech Risk Rectification office was set up in 2016. Its authorized by the country’s state council and its key role is to protect Chinese citizens from the financial risk which is related to cryptocurrencies especially crypto trading.

This represents the latest incident in the long-running saga of the government trying to eliminate anything that is associated with crypto in the country. In September of 2017, the people’s bank of China made a decision to ban ICOs and also crypto trading platforms.

This forced existing crypto exchanges to move their businesses overseas. According to sources within the country, currently, internet access to some major crypto exchanges the likes of OKEx, Binance and Bitfinex appear to be off in China.

The report also adds that the agency plans to permanently shut down all domestic websites that are found providing ICO and crypto trading services. They promise to also to shut down the WeChat accounts of these websites.

The agency is also engaging in talks with the third- party payment vendors who are required to carefully access account and terminate those they suspect to be handling crypto.

Now that the Chinese government is blocking access to foreign cryptocurrency exchanges, why do they hate cryptocurrencies so much? Share your thoughts in the comment section below.

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coinmag

Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology.

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