China Plans to block offshore Cryptocurrency,Bitcoins

China has hinted that they are planning to block domestic access to offshore cryptocurrency i.e. Bitcoins that allow centralized trading.  They are also intended to clamp down on both online exchanges and mobile apps that offer exchange like services. Chinese authorities are majorly targeting individuals and businesses that provide market-making, settlement and clearing services for centralized trading. In general small peer-to-peer and person-to-person trading is not being blocked at this moment.

Earlier in the week, it was reported that the China had planned to ban bitcoin mining.Bitcoin mining is a process under which bitcoins are earned by “miners” who run computers to solve complex mathematical problems and also secure the bitcoin network.

China had already banned the initial coin offerings (ICOs) — a means for start-ups to raise funds by selling off new cryptocurrencies — and shut down domestic cryptocurrency exchanges.

The market for bitcoins and other cryptocurrencies has been trending down since reaching a peak in mid-December of nearly $20,000 per bitcoin. In the past, rumors of crackdowns and regulation has hit the market from $14,481 to $13,960 within a week.

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