China has stepped up its crackdown on digital assets as it blocks the public from accessing more than 120 exchanges. Authorities are reportedly continuing to identify and police domestic websites offering information on crypto trading and initial coin offerings (ICOs).
The Bad News Continues to Come for China’s Crypto CommunityAccording to a report in Chinese state media outlet Shanghai Securities News, authorities in the country have blocked citizens from accessing 124 websites associated with cryptocurrency exchanges based overseas.
The South China Morning Post stated that the measure is being led by people close to the Leading Group of Internet Financial Risks Remediation. This group is headed by Pan Gongsheng of the People’s Bank of China (PBoC) and was set up by the nation’s cabinet in 2016.
The IP addresses of the websites in question have been logged by authorities and will be blocked on the mainland going forward. This move is latest effort by the central government to minimise cryptocurrency use and speculation in the nation. It is believed that Chinese authorities are concerned about the impact that technological innovations will have on the nation’s economic security.
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