China Is Looking To Completely Eliminate Cryptocurrency Trading

China is looking at completely eliminating the trading of cryptocurrencies in the country by blocking access to online trading platforms and removing trading apps from mobile app stores, reports PTI. The plan was outlined by the People’s Bank of China’s publication Financial News. The proposal aims to “snuff out the dying cinders” of cryptocurrency trading and initial coin offerings (ICOs) that are glowing once more”.

After a sustained campaign last year, the communist government in China managed to get most of the country off cryptocurrencies and the country’s share in cryptocurrency trading shot down from 90 per cent to less than 1 per cent. The successful crackdown forced trading platforms to relocate to Japan, Hong Kong and Macau where authorities could not affect them. The new regulatory framework aims to cut off access to these platforms as well.

Regulators will liason with telecommunications service providers to revoke access to trading platforms while unspecified action will be taken against those operating such websites, said the plan.

The People’s Bank also ordered financial service providers to ensure that their platforms were not used to fund cryptocurrencies, under what it terms a “rectification campaign”.

The value of cryptocurrencies have tanked amid concerns that Asian nations may ban them.