Chinese authorities plan to block domestic access to Chinese and offshore cryptocurrency platforms that allow centralized trading. This is reported by Bloomberg citing sources.
Chinese authorities will also target individuals and companies that provide market-making, settlement and clearing services for centralized trading.
Last year, Chinese regulators banned initial coin offerings, shut down local cryptocurrency trading exchanges and limited bitcoin mining — but activity in the cryptocurrency and bitcoin space has continued through alternative channels in China despite the crackdown.
Recently, we have reported that representatives of the People’s Bank of China denied the rumors about a possible ban on bitcoin mining, but intend to gradually eliminate the existing preferential terms for this business in the field of electricity, taxes and land use.