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Author Topic: China Stops over 120 Offshore Digital Currency Exchanges  (Read 64 times)
First77
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August 24, 2018, 01:28:34 AM
 #1

China is continuing its crackdown on bitcoin and cryptocurrency-related ventures. The country is now blocking access to more than 120 offshore cryptocurrency exchanges utilized for trading purposes by mainland customers. In addition, officials are also looking to shut down websites pertaining to both cryptocurrencies and initial coin offerings (ICOs), and to prevent businesses from accepting payments in digital assets.

ICOs were initially banned last September and were described as “unauthorized” and “illegal” fundraising activities. That same month, Chinese regulators ordered all cryptocurrency exchanges within the country to cease trading practices. This caused many ICO and cryptocurrency ventures to pack up their bags and move to the neighboring region of Singapore, which boasts more crypto-friendly regulation.

Over the past year, nearly 90 different cryptocurrency exchanges and about 85 ICOs have been shut down in China. The yuan-bitcoin trading pair has also dropped from 90 percent to less than 5 percent of the world’s total bitcoin trades.

Pan Gongsheng — who heads the Leading Group of Internet Financial Risks Remediation — has been adamant that the cryptocurrency ban in China is the “right decision.”

https://bitcoinmagazine.com/articles
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August 24, 2018, 01:36:38 AM
 #2

They have also blocked google, facebook and literally every other non chinese websites and things. Am not surprised that they did this? They are trying to be the next North Korea.. Roll Eyes

Its funny that they are doing this in midst of a trade war.  Shocked


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August 24, 2018, 01:40:54 AM
 #3

Sounds like the Chinese government is concerned about losing power due to the decentralized nature of cryptocurrencies. What they want I believe is to have control over them, so they will allow them once they are convinced their power is not threatened. Also the yuan is a competitor to bitcoin on the global stage.


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August 24, 2018, 02:53:16 AM
 #4

China Stops over 120 Offshore Digital Currency Exchanges
blocking is not stopping.
they have no jurisdiction to stop anything outside of their own country. and the great firewall of China has been blocking millions of other websites too.

Quote
Over the past year, nearly 90 different cryptocurrency exchanges and about 85 ICOs have been shut down in China.
what the hell? China had 90 exchanges?!!! when? where? there were only 3 big exchanges and a handful of small ones that nobody ever used.
as for ICOs, they are being banned all over the worlds. it has nothing to do with bitcoin.

Quote
The yuan-bitcoin trading pair has also dropped from 90 percent to less than 5 percent of the world’s total bitcoin trades.
the "trading pair" was removed by the closure of exchanges, it didn't drop! people are still trading bitcoin with their Yuan, the difference is that where they trade doesn't have a public page reporting the volume Wink

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August 24, 2018, 03:24:56 AM
 #5

Sounds like the Chinese government is concerned about losing power due to the decentralized nature of cryptocurrencies. What they want I believe is to have control over them, so they will allow them once they are convinced their power is not threatened. Also the yuan is a competitor to bitcoin on the global stage.

The Chinese investor who has 100,000 bitcoins, will he sell or move out of China ?
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August 24, 2018, 03:48:58 AM
 #6

China has done the same thing before but as in 2017, Bitcoin still hit $ 20k. I find that the influence of China is not big enough to impact Bitcoin anymore
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August 24, 2018, 05:35:13 AM
 #7

In fact, the Chinese government is doing everything possible to completely ban the decentralized crypto currency in their country within the framework of the adopted two-year program to combat crypto currency. Here in us also there will be a practice about, whether the state can effectively struggle with the decentralized кpиптoaлютoй. Judging by the steps taken, the fight against the crypto currency in China is quite effective.
Earlier in China, they announced that they were going to issue their centralized crypto currency. Now conversations about it have stopped.

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August 24, 2018, 05:38:26 AM
 #8

The Chinese government issued a policy prohibiting initial coin offerings (ICO) transactions. The ban was issued not without reason. Here are some reasons:

- Virtual currency is difficult to control

- Easy to use for fraud

- Damaging the world of investment

and many other reasons.
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August 24, 2018, 05:54:21 AM
 #9

The Chinese government issued a policy prohibiting initial coin offerings (ICO) transactions. The ban was issued not without reason. Here are some reasons:

- Virtual currency is difficult to control

- Easy to use for fraud

- Damaging the world of investment

and many other reasons.

Every country has their own reason for a ban or putting restrictions to access any website or a product.

China even banned many well-known services like google, whatsapp and many more. Because of the same issue, they can't control these services so they banned. Banning is not the solution but needs to find ways to regulate this market. They may be working on their own cryptocurrency so they are banning other coins.
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August 24, 2018, 05:58:30 AM
 #10

that is what the government panic looks like Cheesy
they are witnessing how the money is entering bitcoin and seeing how they can not control anything about bitcoin or the money that is exiting. I said this once before, they should have regulated exchanges with strict rules and let them continue working if they wanted control. now people just buy bitcoin through different channels which is out of the control of their government.

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August 24, 2018, 06:14:40 AM
 #11

The Chinese government cannot stop Bitcoin, because the can of worms was opened already and the worms have tasted the fresh produce in the garden. A lot of the Chinese mining farms have already relocated to other countries and a strong Bitcoin community has been established to trade P2P in their country.

So you have fiat to bitcoin conversion locally and then those bitcoins are send/used in other countries.  Grin Grin Grin

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August 24, 2018, 06:19:21 AM
 #12

However, it does not prevent the development of virtual currency. Roll Eyes
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August 24, 2018, 07:11:46 AM
 #13

Wow, someone's afraid of changes. And I don't think they will accept cryptocurrency as payment anytime soon or might never so It's a lost for them. Maybe because they're afraid that some services might affect their economy or population or wrong information for the public or something or maybe they have some deep secrets that they won't want revealed so they're not taking any chances now.

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August 24, 2018, 07:26:12 AM
 #14

They can block but I don't think they can stop their citizens and their businessman from doing cryptocurrency they have strict censorship but chinese traders will always find a way, they have companies that manufactured mining rigs and ceo that manage ICO so I don't think it is a stumbling block tot he development of Cryptocurrency

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August 24, 2018, 08:11:16 AM
 #15

China is continuing its crackdown on bitcoin and cryptocurrency-related ventures. The country is now blocking access to more than 120 offshore cryptocurrency exchanges utilized for trading purposes by mainland customers. In addition, officials are also looking to shut down websites pertaining to both cryptocurrencies and initial coin offerings (ICOs), and to prevent businesses from accepting payments in digital assets.

ICOs were initially banned last September and were described as “unauthorized” and “illegal” fundraising activities. That same month, Chinese regulators ordered all cryptocurrency exchanges within the country to cease trading practices. This caused many ICO and cryptocurrency ventures to pack up their bags and move to the neighboring region of Singapore, which boasts more crypto-friendly regulation.

Over the past year, nearly 90 different cryptocurrency exchanges and about 85 ICOs have been shut down in China. The yuan-bitcoin trading pair has also dropped from 90 percent to less than 5 percent of the world’s total bitcoin trades.

Pan Gongsheng — who heads the Leading Group of Internet Financial Risks Remediation — has been adamant that the cryptocurrency ban in China is the “right decision.”

https://bitcoinmagazine.com/articles
China is making reckless actions again. What they do noy know is that this will only result into giving hype to the cryptocurrencies since crypto is already being legalized in Russia. Nonetheless, I think this is the reason why bitcoin is dipping so long. But, never lose hope for the bullrun.

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August 24, 2018, 09:08:40 AM
 #16

It is a bad news for the digital money market, if China does not ban, Bitcoin and altcoin have grown very strong! Hope China's policy will change in the future!

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