The Chinese government is sticking to its guns with respect to banning all crypto related activities in the country. News reaching Ethereum World News indicate that the Chinese government has implemented a new two-pronged approach – in addition to recent WeChat restrictions – to make sure there are no unauthorized crypto activities in the country. The new crackdown is as follows:
- Block 124 overseas crypto exchanges from offering trading services in the country
- The Beijing Chaoyang District banning all commercial venues from hosting crypto related events
Blocking 124 Overseas Exchanges
The Shanghai Securities Times reported that the China National Fintech Risk Rectification office, had identified 124 trading platforms with foreign IP addresses that were still available in the country. The office now has announced that it plans on setting up measures to monitor the space as well as block internet access to these trading platforms.
The report added that:
Some organizations or individuals use the “blockchain” and “virtual currency” as the gimmicks to carry out illegal criminal activities such as pyramid schemes and fraud…
The relevant departments will further adopt targeted clean-up measures to maintain financial order and social stability.
The 124 websites are located outside the country, but the virtual currency trading platform website that provides transaction services for domestic residents has taken necessary control measures. The next step will be to strengthen monitoring and block in real time.
The Risk Rectification Office also plans on blocking all new and existing ICO websites and any other websites that provide services for such activities.
Banning Commercial Venues from Hosting Crypto Events
With respect to banning of commercial venues from hosting crypto events, the Beijing Chaoyang District released a document banning all commercial venues from hosting any crypto related activites. The document has been making rounds in the social media space as can be seen in the tweet below.
According to news.Bitcoin.com, the authenticity of the document has been confirmed by a reporter from the South China Morning Post.