Cryptocurrency Ban – Billionaire365

China Increases Its Policies Regarding Cryptocurrency With Baidu, Tencent And Alibaba Blocking Crypto-Related Activities

Restrictions against cryptocurrency in China intensified today, August 27, after renowned technology companies such as Baidu, Tencent and Alibaba blocked forums related to cryptos and cryptocurrency exchanges. The measures come amidst a new escalation by the Chinese government, which is even trying to minimize the conversations of thousands of users about digital assets.

In the case of Baidu, China’s leading Internet search engine, the ban covers the cryptocurrency forums, according to information disseminated by local media. According to the report from other digital media, a person related to Baidu who did not want to be identified claimed that the measure was taken in “conformity with relevant laws, regulations, and policies.”

As for Tencent and Alibaba, which provide Internet and e-commerce services, respectively, they have reported that they will maintain monitoring to prevent their mobile payment services from being used for transactions involving cryptocurrencies.

On August 24th it was announced that AliPay would supervise the transactions with cryptos in China to restrict or suspend the operations suspected of being involved in the purchase and sale of cryptocurrencies.

China intensifies the cryptocurrency regulations

The decisions taken by the before-mentioned companies come in addition to the measures imposed by local authorities, such as the one announced last Thursday, in which events related to cryptos became banned in hotels and shopping malls in Beijing’s Chaoyang district.

Overall, it was also reported that some 124 foreign cryptocurrency exchange platforms operating across China would be banned to minimize the exchange of cryptos further.

The increase in official regulation began in September 2017, when China issued a measure in which the Central Bank banned the Initial Coin Offerings (ICOs) because “ICO projects are suspected of illegally raising funds and probably committing fraud.”

Since then, the official position was against cryptocurrencies and any mechanism related to digital assets. However, in the midst of this whole ecosystem landscape, China does welcome the potential of blockchain technology.

Anna Galvez

China Might Eventually Give In To Pressure And Lift The Cryptocurrency Ban

Just 8 months after China was featured in a discussion involving its ban on cryptocurrency trading, rumors are mounting regarding the second-largest economy in the world, one that could ditch the cryptocurrency ban and make a 180-degree twist. According to a Chinese newspaper, the Chinese people stated that the crypto ban is too strict and a cryptocurrency regulation on the models already adopted by the US or the European Union might be more appropriate.

There is a growing belief that simply saying no to Bitcoin will not be the final solution to the problem of cryptocurrency. A more fundamental approach would be to adopt the new technology without compromising the country’s financial system.

The naming of a new Central Bank of China Governor, which happened in March, raised questions about softening the country’s official position regarding the cryptocurrencies market.

China has been an important asset in the cryptocurrencies world and, hopefully, it will return to that status

Before March, however, some rumors were talking that, upon a discussion between China’s Central Bank and Huobi, Chinese official started to rethink their approach regarding cryptocurrency exchange, indicating that these operations with cryptocurrencies might be reopened in China, eventually.

Although many people in China are actually very inventive in bypassing the cryptocurrency ban, China is in a tricky situation because on the one hand, it would like to take advantage of this new technology but, on the other hand, it would like to see cryptos implementation to be done following the China’s principles, namely, nationalism and protectionism.

Many cryptocurrencies networks were created as China has always been a very significant player in the crypto-verse until this country turned around and eventually compromised the success of many.

Even more, more and more people, even outside of China, are saying that the Chinese cryptocurrency ban is an insult to all those people who contributed to the technological gains China registered in the last decade, which include blockchain and cryptocurrencies.

Anna Galvez