China is constantly raising the ban on its cryptocurrency crackdown

Nishanth Shetty

January 16, 2018 9:42 am

China is constantly raising the ban on its cryptocurrency crackdown | Coindelite News
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China is constantly raising the ban on its cryptocurrency crackdown

Beijing has planned to block domestic access to Chinese and offshore cryptocurrency platforms which allows the centralized trading.

Chinese authorities have also started targetting the people and companies those provides market-making, settlement and clearing services for centralized trading. The further details have been not revealed yet.

As per the reports, China is targeting websites and mobile apps which offers cryptocurrency exchange-like services.

China shocked the digital currency world in 2017 when it banned initial coin offerings (ICOs) — a means for start-ups to raise funds by selling off new cryptocurrencies — and shut down domestic cryptocurrency exchanges.

Following China’s ban on the ICOs, Japan also went towards banning the ICOs and cryptocurrency exchanges.

Last week, major digital currencies fell after reports of South Korea banning cryptocurrency trading via exchanges emerged. Bitcoin made a recovery Monday, anyhow, trading 4.78 percent higher on Coin Delite’s Price Chart at $14,200.

Recently, China’s Google ‘Baidu’ search engine adopted blockchain technology as a service platform. Bitcoin and other cryptocurrencies are backed up by blockchain technology. Reports say that people and governments around the world are liking the blockchain technology and adopting it for many reasons. In India, the country’s tax officials raided bitcoin exchanges and the finance minister has also called bitcoin as a ‘Ponzi Scheme’. Now, India is ready to adopt blockchain technology through NITI Aayog.

There is a big yes for blockchain, but when it comes towards the cryptocurrencies such as bitcoin, people are stepping backward.

Today’s snapshot showing a dip in the prices of all top cryptocurrencies. 

I don’t think the rise of a “joke currency” will really say anything about the stability. Besides like they said at the end, the market is volatile. If anything I see this as good. But then again I’m a pretty big Dogecoin enthusiast