China is embarking on the next stage of extruding cryptocurrency out of the country. According to reports, Chinese regulators prepare to scrutinize the work of crypto-currency traders on the foreign exchanges, threatening to freeze their assets.
The regulators of the country is targeting local investors, who continue to participate in the cryptocurrency cryptocurrency trading through foreign courts, reports
Bloomberg. Citing unnamed sources, the article argues that the authorities plan to perform banking and online accounts belonging to individuals and organizations that flout the ban
China on the cryptocurrency trade within the country, using international exchange. The report said:
«The assets of the owners of the accounts can be frozen or blocked.»
At this step the regulators went a few weeks later, after the people’s Bank of China confirmed
the intention of regulators to deny access to foreign cryptocurrency exchanges to prevent bidding cryptocurrency investors of China.
Until the second half of 2017, China was the world’s largest cryptocurrency market, before the country’s authorities started to pursue a restrictive policy. First, a ban was imposed
to conduct the ICO in the country, and the government then ordered
all cryptocurrency exchanges in the country to stop working. The volume of trade cryptocurrency in the Chinese yuan fell from over 90% to less than 1%, said the representative of the NSC.
Due to increased pressure on the miners by the government, mining companies began to consider
other jurisdictions, e.g. Canada.
The persecution of Chinese citizens who continue to trade cryptocurrencies, scored the final nails in the coffin of cryptocurrency trading in the country. However, at the moment China has almost no effect on global cryptocurrency markets. At the turn of 2017, to the restrictive policies of China, the total amount of cryptocurrency markets was estimated a little less than $ 20 billion. A year later, this January, the total capitalization of crypto-currencies reached a record level of 795 billion dollars.