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Alternative Market Briefing

China continues crackdown on cryptocurrencies

Thursday, August 23, 2018

Laxman Pai, Opalesque Asia:

Is the Chinese government moving to tighten the knot on the cryptocurrency industry, which continues to thrive despite last year's trading ban?

The writing on the wall is loud and clear.

- WeChat, leading social media messaging and mobile payment application in China, has banned original content related to cryptocurrency and blockchain technology in China.

- The People's Bank of China (PBoC) intends to create a "blacklist" of the country's cryptocurrency exchanges, in which operation violations were detected.

- The Chinese government has banned all commercial crypto and blockchain-related events in the region.

Tencent, operator of WeChat, said in a statement that it has shut down these accounts permanently as they are "suspected of publishing information related to ICOs [initial coin offerings] and speculations on cryptocurrency trading."

According to a report in SCMP, Tencent cited regulations enacted earlier this month by the Cyberspace Administration of China, which, among other things, demand content providers within chat apps comply with "national interests" and "public orders."

The China National Fintech Risk Rectification Office identified so far 124 trading platforms with overseas IP addresses but available in the country, reported Shanghai Securities Times, a mouthpiece of Chinese financial regulators.

Sources pointed out that Chinese financial regulators are moving to block more than 100 ov......................

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