China makes it clear that it fully intends to go after cryptocurrencies and the users until it destroys all trading in the country. Good luck with that, China.
China is preparing for a new crackdown on cryptocurrency, planning to stamp out remaining trading in the country, according to state media.
China will gradually clean up over-the-counter trading platforms, peer-to-peer networks where large exchanges occur and firms registered in the country which allow Chinese to trade overseas, the state-run Securities Journal said Tuesday (Jan 16).
The publication cited an anonymous source close to regulators tackling online finance risks.
The new plan follows China’s crackdown on cryptocurrency trading last year, which saw Beijing shut down bitcoin exchanges and ban all initial coin offerings.
But alternative channels for trading cryptocurrencies have popped up, including on social networks like WeChat, QQ and Telegram.
Those online groups facilitating large-scale peer-to-peer trade appear likely to suffer greater scrutiny in the coming months.