The war between China and cryptocurrencies battles on as the eastern giant is currently seeking out ways to eliminate platforms that allow native investors to trade their earnings on foreign exchanges.
Chinese regulators are currently hatching a plan to carry out in-depth inspections on the Chinese bank and online-payment accounts belonging to businesses and individuals they suspect of cryptocurrency trading with foreign venues. The account owners caught are at risk of being blocked from the domestic financial system or just having their assets frozen.
At one time China was one of the major hubs for cryptocurrency, sadly that has changed. 2017 saw the country’s government place a ban on cryptocurrency exchanges. They are looking to remove the presence of cryptocurrencies in their country as a whole. At the moment, regulators are in the process of developing measures that will block the few remaining paths that are leading Chinese citizens to buy digital currency.
Crypto fans within China have been looking for every single loophole they can find. Some firms have opened up offshore platforms that allows citizens to buy cryptocurrencies through their banks and online-payment accounts. The platforms being suspected by the regulators have not been brought to the attention of the citizens.
The future of cryptocurrency is looking dim in China. That said, one needs to question if this will be good for the eastern giant. Every big game player in the world is embracing cryptocurrency and blockchain technology. Their lack of enthusiasm toward this push forward can end up holding them back in the future. Russia looked as if it was making a likewise mistake, but at the end of the day even they gave in and started embracing blockchain technology. For the sake of the future, we believe China will change its mind about cryptocurrency in the months to come.