Business 10 months ago

Jasmine Solana

China extends ‘great firewall’ to block crypto websites

Beijing’s long tradition of blocking unwanted foreign websites using the so-called Great Firewall of China has found a new target: cryptocurrency websites.

On Monday, People’s Bank of China (PBOC) affiliated publication Financial News reported that financial regulators in the mainland are working on “a list of measures” against cryptocurrency trading. The measures include “dealing with domestic and international websites,” the reported stated, according to the South China Morning Post.

The central bank-linked publication said the decision “to remove any onshore or offshore platforms related to virtual currency trading or ICOs [initial coin offerings]” was made “to prevent financial risks.”

“Overseas transactions and regulatory evasion have resumed,” according to the Financial News article. “Risks are still there, fueled by illegal issuance and even fraud and pyramid selling.”

Extending the ‘great firewall’ to include websites related to cryptocurrency trading and fundraising is the latest move to clamp down on what Beijing believes is risky investments.In January 2017, China’s Ministry of Industry and Information announced a 14-month program to “clean up” the internet, which, in effect, made it even more difficult for Chinese residents to access any content the government deems unsavory, including internationally licensed online gambling sites.

A year ago, major digital currency exchanges in China stopped Bitcoin and litecoin withdrawals on their respective platforms as they improve their anti-money laundering capabilities to prevent “illegal transactions.” The upgrades were part of the requirements set by the People’s Bank of China, who called on digital currency operators to step up their game against anti-money laundering.

Despite making the upgrades, Beijing officials still banned domestic cryptocurrency exchanges and fundraising activities that use digital tokens in September, which resulted in Chinese traders moving to overseas platforms.

“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,” according to the article.

Digital currency-related advertisements have disappeared from Chinese search engine Baidu as well as on social media platform Weibo after reports of a fresh crackdown on cryptocurrency activities surfaced.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Satoshi Vision (BSV) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BSV is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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Baidu joins China’s cryptocurrency blockade party – CRYPTOTIMES.MOBI

[…] search giant Baidu has joined the growing list of large companies in China that have been banning cryptocurrency-related content. This was reported by the China Times, which indicated that the online search giant has started […]

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Baidu joins China's cryptocurrency blockade party - Forex and Cryptocurrency

[…] search giant Baidu has joined the growing list of large companies in China that have been banning cryptocurrency-related content. This was reported by the China Times, which indicated that the online search giant has started […]

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Baidu joins China’s cryptocurrency blockade party | Bitcoin price media

[…] search giant Baidu has joined the growing list of large companies in China that have been banning cryptocurrency-related content. This was reported by the China Times, which indicated that the online search giant has started […]

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124 int’l crypto exchanges face ban in China: report | Bitcoin price media

[…] reports, the China National Fintech Risk Rectification Office will permanently shut down domestic websites and official accounts of crypto trading and ICO services on the messaging […]

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124 int’l crypto exchanges face ban in China: report – CRYPTOTIMES.MOBI

[…] reports, the China National Fintech Risk Rectification Office will permanently shut down domestic websites and official accounts of crypto trading and ICO services on the messaging […]

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BTCC sells almost 50% of its mining operations | Bitcoin price media

[…] was previously known as BTC China. Following moves by the People’s Bank of China that banned initial coin offerings (ICO) and exchanges last year, the company moved out of China and became registered in the UK. It was […]

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BTCC sells almost 50% of its mining operations – CRYPTOTIMES.MOBI

[…] was previously known as BTC China. Following moves by the People’s Bank of China that banned initial coin offerings (ICO) and exchanges last year, the company moved out of China and became registered in the UK. It was […]

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Tech firm Xunlei comes under fire over ‘disguised’ ICO – CRYPTOTIMES.MOBI

[…] but I don’t think there’s any basis for the lawsuit because we’re operating in China and it is the Chinese law and regulations that we need to observe,” he said, adding that […]

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Freedom for crypto? China opens payments market to foreigners - CoinRoundup

[…] tighter regulations on overseas digital currency trading, and even extended its so-called “Great Firewall” to ban domestic and international websites that cater to Chinese […]

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Freedom for crypto? China opens payments market to foreigners – CRYPTOTIMES.MOBI

[…] tighter regulations on overseas digital currency trading, and even extended its so-called “Great Firewall” to ban domestic and international websites that cater to Chinese […]

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China stretches ‘Great Firewall’ to foreign crypto exchanges still catering to locals – CRYPTOTIMES.MOBI

[…] cryptocurrency exchanges that shut down moved out of the country, but were suspected of bypassing the Great Firewall and transacting with customers within the country. Apart from this, some Mainland investors have […]

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