Science

China Enlists Its 'Great Firewall' to Block Bitcoin Websites

China Enlists Its 'Great Firewall' to Block Bitcoin Websites”

Now, according to local media, China will block access to domestic and foreign services "to prevent financial risk."

China plans to stamp out all remaining cryptocurrency trading in the country by blocking access to overseas-based websites and removing related applications from app stores.

Financial regulators will work with telecommunications regulators to shut down websites and mobile apps offering trading in illegal initial coin offerings, the report said. Officials there also shuttered online websites for crypto-dealing, with the "Big Three" exchanges ending this past fall.

China is preparing fresh regulations to further restrict initial coin offerings, especially via overseas platforms, the China Daily newspaper reported on Tuesday citing a source close to the matter.

A separate February 4 report from Chinese-language news service Xinhua and published on bitcoin social media site 8btc, cites a statement from the People's Bank of China regarding the overseas website ban.

China started shutting down domestic exchanges in September previous year, but that wasn't enough to curb people from finding offshore platforms to carry out cryptocurrency trading.

However, many domestic investors have turned to offshore platforms to continue to participate in virtual currency transactions, the report said. "The future depends on its development and does not rule out the possibility of unveiling further regulatory measures", the report further adds.



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