Chinese Government Continues Cryptocurrency Suppression

2018-8-25 12:12

China has a population that is becoming increasingly interested in Bitcoin and other cryptocurrencies; but, its government has also been ratcheting up efforts to suppress the growth of digital assets amongst the country’s people.

According to the South China Morning Post, more than 120 foreign cryptocurrency exchanges have been blocked recently by the Chinese government. Authorities in China will also block websites promoting ICOs, and sites that offer cryptocurrency payment services.  

China is clear and open in there attempts to slow down and stop the growth of Bitcoin and altcoins.  Officials all over the country are taking steps to ensure Bitcoin cannot have unfettered growth.

Authorities have even gone as far as banning hotels in certain cities from hosting any events that have anything to do with cryptocurrencies and have blocked many cryptocurrency related accounts on the country’s most popular social media platform WeChat.

The strongest part of China’s crypto crackdown has been on ICOs.  Chinese officials have warned citizens that most ICOs are poor investments with many being actual scams with no real intentions of producing a working product.

Sheng Songcheng, an adviser to the People’s Bank of China released a statement on Friday through state media warning investors of the perils of ICOs. With hundreds of companies forming with only the goal of robbing people, the Chinese government feel justified in their attempts to slow down the spread of the industry.  

Jehan Chu, co-founder and managing partner at Kenetic, a blockchain investing firm in Hong Kong, thinks China is an important hub for cryptocurrency and blockchain.  He says China’s goal is to corral the crypto space but not stop it entirely.

“I’ve always held strong to the idea that China, in the long term, is not trying to ban crypto,” Chu said. “Instead, they’re trying to reform it and clean it up so that they can roll it out in China the way they rolled out the internet, their own way with their own rules.”

Many cryptocurrency experts have long worried that China’s tough laws could severely hurt the market for cryptocurrencies around the world.  If the country suppressed the spread of cryptocurrency enough it could cut billions off from the technology entirely and simultaneously temper the interest of investors that observe the tough conditions in China.

However, cryptocurrency continues to see high trading volumes in China and blockchain technology is still of high interest to developers and investors despite the government’s crackdown.

The post Chinese Government Continues Cryptocurrency Suppression appeared first on ZyCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Global Cryptocurrency (GCC) íà Currencies.ru

$ 0 (+0.00%)
Îáúåì 24H $0
Èçìåíåèÿ 24h: 0.00 %, 7d: 0.00 %
Cåãîäíÿ L: $0 - H: $0
Êàïèòàëèçàöèÿ $0 Rank 99999
Öåíà â ÷àñ íîâîñòè $ 0.0013424 (-100%)

government chinese cryptocurrency continues suppression china morning

government chinese → Ðåçóëüòàòîâ: 73


Ôîòî:

China Escalates Cryptocurrency Ban Blocking 124 Offshore Exchanges

China will shortly block access to over one hundred international cryptocurrency exchanges and other platforms as the government’s crackdown escalates, local news media report August 23. Beijing On Crypto: We’ll Continue To Ban Everything According to the South China Morning Post quoting Chinese language resource Shanghai Securities News, lawmakers will shut down availability of 124 “websites operated by offshore cryptocurrency exchanges that provide trading services to citizens on the mainland.

2018-8-23 19:00


EOS, Litecoin, IOTA, Stellar Lumens, Tron Technical Analysis: Altcoin Sellers Struggling to Reverse Last Week’s Gains

Days after the Chinese CCID said EOS top the charts on matters technology, applicability and innovation, the Chinese government went ahead and outlawed cryptocurrencies and related business. This caught the market off guard and though there are no wild price swings, we might see lower lows today as investors try to digest on how this.

2018-8-23 03:02


Ôîòî:

China Officially Bans All Crypto-Related Commercial Activities

China’s most popular messaging app, WeChat, has been asked to shut down the accounts of several blockchain and crypto-related news outlets as new regulations are enforced.   China Makes Ban Official According to the latest tweet by Dovey Wan — the Managing Director of Dhanua Capital, a California-based venture capital fund — the Chinese government authorities have released an official order asking to ban all the cryptocurrency-related commercial activities and events.

2018-8-22 21:00


VeChain Announces Blockchain Vaccine Tracing Solution to Aid in Chinese Health Crisis

A recent vaccine crisis in China is leading government officials to consider turning to blockchain company VeChain for support. News first spread in July that hundreds of thousands of Chinese children had received defective vaccines manufactured by a Chinese drug company, causing citizens to cast blame on the government for not providing sufficient oversight to… The post VeChain Announces Blockchain Vaccine Tracing Solution to Aid in Chinese Health Crisis appeared first on UNHASHED.

2018-8-17 01:03


Ôîòî:

Why GXChain’s New Blockcity Mobile App Has Gone Ballistic

A few weeks ago, Crypto Briefing reported that the Chinese Government ranked GXChain, the decentralized and open-sourced data exchange platform, fourth in the Global Blockchain Assessment Index. It’s no shock that Ethereum and EOS are ranked higher, but GXChain’s emergence was a surprise since most of the Chinese project’s work is not especially familiar to […] The post Why GXChain’s New Blockcity Mobile App Has Gone Ballistic appeared first on Crypto Briefing.

2018-8-8 00:25


VeChain (VEN) Partners With Largest Telecommunication Company In Japan

Not long that Ethereum World News reported that VeChain (VEN) is being tapped by the Chinese Government to provide drugs and vaccines traceability solution to the whole China, the blockchain company has revealed that in its efforts to dish out more traceability solutions and state of the art use cases, it is partnering with NTT […] The post VeChain (VEN) Partners With Largest Telecommunication Company In Japan appeared first on Ethereum World News.

2018-8-6 20:15


Now Hiring a Crypto Expert, China’s Government Censorship Agency is Cracking Down

The state-level Chinese government agency responsible for censoring media output in the country may soon have a cryptographer on the payroll – and with expertise in blockchain technology. According to the job description published by the government agency on Tuesday, the ideal candidate would be a technologist with strong skill-set in cryptography algorithm and performance

2018-7-31 20:13


Ôîòî:

China Leads the way in Government Blockchain Adoption as Xiongan Signs MOU with ConsenSys

The Chinese city of Xiongan is set to become the site of a groundbreaking blockchain deployment program, the first of its kind anywhere in the world. According to the South China Morning Post report on July 23, the new blockchain development and deployment scheme is the product of a new partnership between Xiongan and global blockchain development company, ConsenSys.

2018-7-27 09:00


Chinese Region Halts Cryptocurrency Mining Operations

In-line with a strict government crackdown on all things crypto, a small province in China is forced to shut-down illegal bitcoin mining operations in the region before August 2018. Mining Crackdown As reported recently on local news Jinse, the northwestern Chinese region of Xinjiang Uyghur has identified “illegal” mining operations taking advantage of the naturally cool, […] The post Chinese Region Halts Cryptocurrency Mining Operations appeared first on CryptoSlate.

2018-7-24 07:00


Ôîòî:

Nanjing Invests $1.5B in Public Blockchain Projects and Token Economy

The capital city of Jiangsu province, Nanjing has launched a $1.5 billion blockchain investment fund to boost the token economy and public blockchain projects in China. Despite its outlawing of many aspects of the cryptocurrency industry, blockchain technology has finally received the support of the government. Consequently, almost 41 percent of all Chinese startups that

2018-7-24 00:42


Ôîòî:

By Semptember Chinese Region Will Close “Illegal” Bitcoin Miners

China’s Xinjiang Uyghur autonomous region is set to eliminate “illegal” bitcoin mining operations by the end of August, a government agency has confirmed to CoinDesk. “Local utility agencies and companies will be held accountable if they failed to shut down ‘illegal’ bitcoin mining operations,” the EIC writes. He said: “I have two partners (in the region):

2018-7-23 18:21


Ôîòî:

Chinese authorities are sampling sewage to flush out drug users

The Chinese government is analyzing urine and feces from sewage as part of a sweeping national crackdown on illegal drug use. China isn’t the first country to sift through sewage in order to collect data on illegal drug use, but as far as we know it’s the first to implement the technique in actual law enforcement situations — a move which prompts a litany of privacy and citizen safety concerns.

2018-7-16 21:10


China’s Cryptocurrency Clampdown Turns Country Into A Bitcoin “Wasteland”

China was once the hub of the cryptocurrency movement. After a government crackdown in 2017, however, China has become a cryptocurrency “wasteland” according to a new report from Bloomberg. “Crackdown turns China from bitcoin’s epicenter to a wasteland,” reported Bloomberg earlier this week, citing stats like declining Yuan volume on cryptocurrency exchanges worldwide. The Chinese […]

2018-7-13 07:21