China Is Going To Eliminate Cryptocurrency Trading

China has intention to stamp out all remaining cryptocurrency trading in the country by blocking acess to websites and removing applications from app stores.

The moves were announced on Sunday by Financial News, which said the aim was to wipe out the cryptocurrency trading and ICOs.

Authorities eliminated most cryptocurrency trading in the country, after launching a campaign last year. According to the report, China’s share of trading plummeted from 90 % to less than 1 %.

That crackdown caused that cryptocurrency traders from China move their platforms beyond Beijing’s reach to Hong Kong and Japan. The latest regulatory moves aim to cut off access to them.

The report said, that financial regulators will work with telecommunications regulators to close websites and mobile apps, which offer cryptocurrency trading.

Regulators will also take unspecified action against websites of foreign and domestic cryptocurrency trading platforms.

This year the international value of bitcoin and other cryptocurrencies have plunged amid the events of crackdown in Asia and concerns that many currencies big rise in value could be a bubble.

The price of Bitcoin fell to $7,950 on Coinbase Monday’s data, two months after breaking through the point of $20,000.

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