China Escalates Crackdown on Cryptocurrency Trading

China is escalating its clampdown upon cryptocurrency trading, targeting online systems and mobile apps that offer exchange-like services, according to people familiar with the situation.

Whilst authorities banned cryptocurrency exchanges this past year, they’ ve recently noted a good uptick in activity on option venues. The government plans to prevent domestic access to homegrown and just offshore platforms that enable centralized investing, the people said, without being more specific about how exactly policy makers define such systems.

Specialists will also target individuals and businesses that provide market-making, settlement and cleaning services for centralized trading, people said, asking not to be called because the information is private. Little peer-to-peer transactions aren’ t becoming targeted, they said.

Bitcoin dropped 1 . 2 percent to $13, 580. 50 at 11: thirty six a. m. in London, according to Bloomberg composite pricing.

The Chinese government’ s i9000 rolling clampdown has roiled worldwide markets for bitcoin and other electronic tokens over the past few months. Regulators all over the world are stepping up scrutiny of cryptocurrencies amid concerns over excessive rumours, money laundering and tax forestalling.

Read more: A QuickTake Q& A on the Chinese clampdown

Up until earlier last year, China was the most energetic market for bitcoin trading upon exchanges. It’ s still house to some of the biggest bitcoin miners, though they’ ve begun searching elsewhere as private sector organisations call for curbs on the industry.

China’ s central financial institution didn’ t immediately respond to the faxed request for comment.

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