China tightens control over the trade in crypto-currencies: new measures will affect online platforms and mobile applications, Bloomberg reports with reference to sources familiar with the situation.
Last year, Chinese regulators decided to close the crypto-exchange markets. However, the authorities recently noted an increase in activity at alternative sites.
The government plans to block access to local and offshore platforms that allow centralized trade, Bloomberg sources said, without specifying how the authorities define such platforms.
The authorities will also take action against individuals and companies that provide market-making, settlement and clearing services for centralized trade, sources said. According to them, these measures will not affect small peer-to-peer transactions.
Regulators around the world are strengthening their control over crypto-currencies amid fears of excessive speculation, money laundering and tax evasion.
Until the beginning of last year, China was the most active market for stock trading bitcoins. In the country, one of the largest bitnikin miners still operates. However, they began to consider other markets, as local authorities called for the restriction of the industry.
The interdepartmental working group in China instructed the authorities in the provinces to “actively promote” the termination of mining by local companies.
The authorities of the country intend to put an end to the mining because of concerns about excessive electricity consumption and financial risks.
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