China may block access to foreign cryptomeria and OTC trade

The Chinese authorities do not stop at the closing of the internal cryptocurrency exchanges and continue to struggle with cryptocurrency trading. Bloomberg with reference to unnamed sources wrote that the regulators are going to block access to foreign centralized platform for cryptocurrency trading.

In addition, the authorities finally drew the attention of over the counter (OTC) market of cryptocurrency, which began rapid growth, after a ban on stock trading in September and the final closing of the cryptocurrency exchanges in China at the end of October. Now the ban can be and online platforms and mobile applications that offer exchange services, including social media groups, channels in the Telegram and other private community that previously did not pay attention.

Although last year the Chinese authorities have closed all major cryptocurrency exchanges, working under the jurisdiction of the country, now the government apparently plans to fully «squeeze» the cryptocurrency trading from China, including even a private exchange. More information about what exchanges will come under the ban, is currently unknown. Sources said that a small transaction between individuals to ban are planned, as well as mining and storage of cryptocurrency individuals.

How, then, can be separated operation between individuals from groups in social networks and Telegram channels and how will be monitored and filtered such activity? This policy of the government, if it really starts moving, opens a wide field for abuse, and various «excesses on places».

However, since the sources remain anonymous, all information at this point should be considered unofficial. There is no information on specific measures and dates of the ban. Therefore, this news may remain at the level of rumors, such as messages in September last year about the closure of China’s access to the network of Bitcoin with «the Golden shield», aka the Great Chinese firewall.

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