China May Ban Cryptocurrency Trading Exchanges
Soon after Jinping’s praise for the Blockchain technology the financial regulators in China have set to crack down the cryptocurrency trading again.
As per the notice the regulators from each district of Shanghai must search gather and inspect information about the all the ongoing cryptocurrency exchange related services before 22nd of November.
With all this they have to report to the Central Bank so the further actions can be taken in accordance to the signed official notice by the Shanghai Internet Rectification Agency and the Shanghai Bureau of the People’s Bank of China.
The notice that emerged online on Friday was considered as fake until the Chinese business publication Caixin confirmed its authenticity in a report published later on that evening.
This recent move of the firm has underscored China’s relationships with the emerging blockchain technology as per the reports President Xi called all his countrymen so as to accelerate the development of the Blockchain technology and its already known that China has been long favoured location for bitcoin mining.
Beside all this country has already banned the crypto-to-crypto trading and Initial Coin Offering (ICOs) 2 years ago.
As per the recent notice the regulator from each district in shanghai are required to search of the entity that is organizing virtual coin trading activities or ICOs in China.
Taking actions over it, China’s social media platform Weibo has banned users from publishing any kind of post that contains “blockchain” and “crypto currency” at the same time.
Surprisingly when a user tries to mention both the words together a pop with the message which reads “contains information that violates related laws and regulation or Weibo’s community terms,”.
After all this its still unclear as it was still possible to phrase the word “crypto trading” or “blockchain” on the platform with the condition of not being together.
Amidst all this a global trading firm binance which already has a dedicated team in shanghai has recently released a peer-to-peer trading platform which enables its users to buy, sell cryptocurrencies using the Chinese yuan through bank payments like Alipay or WeChat.
Continuing this on the 14th of November Binance official account was suspended from the social media platform Weibo for the reason of “being complained for violating laws and regulations.”
Further which the firm said that the suspension was due to a “malicious report” that was filed by some the users and as of now the firm is appealing to Weibo to reopen the account. In the same way Blockchain project Tron’s account was suspended from the platform on 15th of Nov.
Following these strict rules recently a small Beijing based cryptocurrency firm called Biss that offered a channel for the Chinese investors to buy U.S stocks was taken under investigation by the local police.
To which the firm made an announcement of 4th of Nov that some to the Biss operational staff are actively supporting the investigation by the authorities.
Also Read: How to Earn Bitcoin?
