China: 5 crypto-scholarships close under government pressure – Cryptonaute
While China strengthens repression against the local crypto-exchanges, 5 platforms have already stopped their activity or restricted access to their service.
The recent repressive action of chinese government to eliminate the last cryptocurrency trading platforms the country has already made its first victims, reports Bloomberg.
At least 5 crypto-local scholarships have stopped their activities or declared that they would no longer serve as Chinese customers, after the regulators issued a series of warnings.
Last week, the annex of the central bank in Shanghai confirmed strengthening its oversight to close the last entities involved in activities related to crypto-currencies.
Chinese cryptocurrency Bitsoda, Rival Biss and Akdex have thus announced to end their activity. Btuex and Idax have also closed but plan to reopen by accepting only customers based abroad.
China has banned exchanges and launched a first campaign of repression at the end of 2017, making the main actors of the country flee to other jurisdictions. Since then and over the last two years, the government seemed to have put aside the fight against this type of business.
However, the announcement of the president Xi Jinping in October to accelerate the development of the blockchain would have relaunched the trading activities in the huge East Asian country.
"Investors must be careful not to mix blockchain technology and virtual currency," the Bank of China recently recalled.
In the meantime, Binance and TRON, two major cryptocurrency companies born in China, and now based abroad, have had their account Weibo – one of the main Chinese social networks – closed.
Although it is opposed to bitcoin trading, the China could be the first country to have a digital currency.
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