Great Firewall Of China Now Blocking Crpytocurrency Websites
The Great Firewall of China will soon block anyone in the country from accessing websites that offer cryptocurrency trading and initial coin offerings. This is according to the Chinese government who previously banned domestic ICOs and exchanges in an effort to end the country's massive cryptocurrency industry.
According to state-run media, the government will block access to these foreign websites in order to "prevent financial risk." The Chinese central bank also announced that it would "tighten regulations" on Chinese people's participation in overseas cryptocurrency transactions and ICOs.
"Overseas transactions and regulatory evasion have resumed," states an article published Sunday night by the People's Bank of China-affiliated Financial News. "Risks are still there, fueled by illegal issuance, and even fraud and pyramid selling."
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In addition to websites, authorities will also be stamping any advertising relating to ICOs and coin exchanges from search engines and social media in the country. Similar to what happened with Facebook, many publications have reported that ads relating to ICOs and cryptocurrencies from websites such as Baidu.
China has had a reputation for blocking foreign websites with its massive internet censorship system aptly named by observers as "The Great Firewall of China." Reasons for blocking such websites often coincide with the Chinese Communist Party's goal of maintaining its grip on the country in an increasingly connected world.
The announcement comes at a shaky point for Bitcoin and other cryptocurrencies which are still reeling from the massive sell-offs that occurred at the start of the year. Many cryptocurrencies lost between 3 to 20 percent of their values with Bitcoin now dipping below $8,000 in price.
Aside from the latest news from one of the biggest markets for cryptocurrencies, the latest development that could spur the next big sell-off is the decision by major U.S. banks to ban the use of their credit cards for cryptocurrency purchases. UK's Lloyds Banking Group soon followed suit announcing on Monday that they will also implement the same measures.
