China’s central bank, the People’s Bank of China, has announced that it aims to crackdown on cryptocurrency trading with bans on both domestic and international trading platforms, The Paper reported on Sunday (in Chinese).

According to the report, supervision of cryptocurrency trading will continue to increase. This will include bans on related commercial activity and on both domestic and overseas cryptocurrency trading platforms. Authorities aim to shut down and block all exchanges they uncover but they do not rule out the possibility of introducing stricter regulatory measures. What those measures might be is unclear.

Officially, the ban on big cryptocurrency exchanges and ICOs implemented in September 2017 has been effective in mitigating potential financial and social risks. According to the report, the amount of cryptocurrency trading in RMB made up 90% of the total volume of global transactions but the number is now down to 1%. Unofficially, however, many Chinese citizens have been trading through platforms outside of China by using online circumvention tools. Currently, Japan and Hong Kong are the most popular places to trade cryptocurrency for Chinese citizens.

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Masha Borak

Masha Borak is a technology reporter based in Beijing. Write to her at masha.borak [at] technode.com. Pitches with the word "disruptive" will be ignored. Read a good book - learn some more adjectives.