China Scrutinizes Banks, E-Payment Accounts to Stamp out ‎Cryptocurrency Trading

China is escalating its clampdown on cryptocurrency trading in a bid ‎to finally quash the market completely. Beijing’s tougher stance will ‎target overseas platforms that offer exchange-like services ‎to mainlanders and allow them to trade the digital assets.‎

Bloomberg ‎quoted unnamed sources on Wednesday afternoon as ‎saying the authorities would tighten regulations on its citizens’ ‎participation in overseas transactions. The new rules are intended to ‎‎“scrutinize the Chinese bank and online-payment accounts of ‎businesses and individuals suspected of facilitating trades on offshore ‎cryptocurrency venues,” the sources said.‎

As a result of that decision, Chinese regulators may also step up measures ‎to freeze assets or block‎ accounts‎ of identified participants from the ‎nation’s financial system.‎

After clamping down on the domestic trading of virtual coins, the government ‏plans to close the few remaining loopholes in order to entirely restrict its citizens from transacting ‎cryptocurrencies or participating in ICOs held abroad.‎

The move is an acknowledgement of the fact that recent attempts to stamp out the crypto ‎frenzy by shutting down service providers at home have failed to ‎completely eradicate the mania that has been sweeping China.‎

China’s raid on the digital asset class, which started in ‎September 2017, failed to dampen local investors’ enthusiasm, as many have resorted to online payment accounts and P2P venues to get ‎around the crackdown. ‎

(Photo: pixabay)

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