Shanghai Securities Times, which is a spokesman of the official financial authorities of China, recently stated that the government is actually taking steps in order to ban more than 100 different overseas cryptocurrency exchanges. The overseas IP addresses of these cryptocurrency exchanges will be banned. Currently, they are available in the country but soon, they will be banned.
The China National Fintech Risk Rectification Office will have the task of identifying this cryptocurrency exchanges and blocking them. Owing to this blockage, the Chinese citizens will not be able to access these cryptocurrency exchanges from China. This will ensure that very few avenues will be available for the Chinese citizens to actually trade in cryptocurrencies. That is why this will be not just a loss for the cryptocurrency exchanges but also for the entire industry as well. The volumes in the entire industry will actually decrease. This is one of the main reasons why this is actually negative news for the cryptocurrency industry as a whole.
Many of the most popular cryptocurrency exchanges are already not available in China. This clearly indicates that the Chinese authorities are trying to curb cryptocurrency trading. ICOs are already banned in China. This means that from now on, the Chinese citizens will not be able to invest in cryptocurrencies in any way. This is actually bad news for the cryptocurrency industry.
This is also one of the main reasons why most of the cryptocurrencies are trading in the negative these days. This is huge negative news for the cryptocurrency industry. However, Bitcoin, as well as other cryptocurrencies, have been able to hold their supports up until now. In spite of the negative news, it seems like the cryptocurrency world is not yet throwing in that well.
However, it seems like the Chinese government has finally made up its mind to ban these cryptocurrency exchanges. With the increasing volume from the other countries, this volume will be replaced eventually. This is one of the main reasons why the cryptocurrency market is still firm. Most of the cryptocurrencies are just down by 4%. This is one of the main reasons why it seems like investors are not that much worried about the same.
At the same point in time, there are few other alternatives for Chinese citizens all over the world to invest in cryptocurrencies in spite of these bans. This is the reason why Chinese citizens still have hope.
