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.
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.
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.
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.