Chinese Traders Will be Blocked From Foreign Exchanges

New actions of Chinese financial watchdog may have big influence on the local market
05 February 2018   88

The Chinese authorities intend to close access to all websites related to crypto trading and ICO, including foreign sites. This is reported by South China Morning Post with refenace to Financial News, a publication affiliated to the People’s Bank of China.

In its article Financial News recognizes that the recent attempt to limit the cryptocurrency trading has not been successful.

ICOs and virtual currency trading did not completely withdraw from China following the official ban ... after the closure of the domestic virtual currency exchanges, many people turned to overseas platforms to continue participating in virtual currency transactions. Overseas transactions and regulatory evasion have resumed ... risks are still there, fuelled by illegal issuance, and even fraud and pyramid selling.

Financial News

Local trader has its own opinion.

It is common for people to use VPNs [virtual private networks] to trade cryptocurrencies, as many exchange platforms relocated to Japan or Singapore.I think the new move literally means it would be even harder to circumvent the ban in China...people promoting related business programmes may be arrested.

Donald Zhao
Individual bitcoin trader who relocated to Tokyo from Beijing late last year, following the ban

Chinese ICO market may also go down, ICO organizer believes.

[The tighter regulation from the PBOC will] definitely weigh on the cryptocurrency universe.
Most of the Chinese ICO projects are invested in by Chinese investors. So if they are blocked, the whole cryptocurrency market will be dragged down.

Wayne Cao
ICO organizer

ICO and cryptocurrency trading were banned in China last fall, but Bobby Lee, CEO of BTCC, said that this activity just went underground. In addition, many exchanges have been converted into peer-to-peer trading, helping buyers and sellers find each other.

Play2live announced the release of its MVP and a token sale

Blockchain-based streaming platform for gamers release a full-fledged esports streaming service
21 February 2018   18

On February 21 the first blockchain-based streaming platform for gamers, Play2live, opened its LevelUp Coin (LUC) token sale event with a deadline on March 14 at 17:00 UTC along with the rolling out of its MVP. The platform is based on BitShares 2.0, already successfully passed a heavy testing stage with with live matches and streams.

The service is already capable of accepting around 200,000 viewers. A special tournament for CS:GO - CryptoMasters with the world's first prize pool entirely comprised of the virtual currency ($100,000 worth of LUC) is also announced under the banner of Play2live. The event is set to take place in Minsk, Belarus on February 24-25. The broadcast will be arranged in 7 languages - English, Russian, Chinese, Korean, Spanish, Portuguese, and German.

The service also features a voting system during matches using the same LUC. This token acts as an internal currency that can be easily converted to another cryptocurrency or a fiat currency by means of the Play2live's API.

The company itself was established in 2017. Its purpose is to merge blockchain technology and streaming service to provide all the participants of the streaming process a seamless platform for prioritizes interaction and encourages the diversity of monetization schemes. It is reported that Play2live will have up to 15 sources of revenue.

On February 21 at 17:00 UTC CEO of Play2live opened the token sale with a Q&A stream session with topics concerning the update of P2l, product and sale related matters.