China To Ban Cryptocurrencies

Chinese regulators have decided to "completely block" the work of any platform that enables people to buy or sell cryptocurrency in the country.

Earlier this month, China banned funding the ICOs. A little later the government stopped the cryptocurrency exchanges in the country. More restrictive measures with even greater restrictions will come in the future.

Last week the Chinese Chiefs of Government in a closed session in Beijing have approved a document obliging all currency exchange offices, organizations, ​and institutions to "disclose all their operations and provide comprehensive information on bank accounts used by customers working with cryptocurrencies ".

The Chinese authorities have already informed every one​ of their decision to ban all cryptographic operations. It is particularly highlighted that operations in the country will also be prohibited through foreign online​ cryptocurrency exchange services such as Coinbase in the United States. Access to these services will be banned through the Great Chinese Firewall.

At the end of last week, traders were assuming that the Chinese government would allow the use of P2P or external platforms, but that obviously will not happen. Too bad!