China is going to prohibit citizens from trading on foreign exchanges.

This was reported by Bloomberg referring to anonymous sources.

To circumvent the already introduced regulations – the prohibition of local crypto-exchanges – Chinese enterprises have opened offshore platforms that allowed buying cryptocurrency through local banks and online accounts.

However, the regulator intends to continue the fight against cryptocurrencies and to examine bank accounts and online accounts of enterprises and private investors suspected of trading in off-shore zones.

For local investors, this will cut off the last access to crypto-income. According to unnamed sources, the assets of suspects may be frozen or blocked by order of the financial regulator.

It is not clear yet, how many platforms are being studied by the government and what amounts passed through them. The People’s Bank of China at the moment has not responded to a request from Bloomberg.

Recently, the local entrepreneur, the founder of the “Chinese photoshop” Meitu Kai Wensheng, criticized the government’s prohibitive policy, saying that it hinders the development of innovative technologies and economic growth.

Write: Sara Bauer


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