China bans cryptocurrency: Why cryptocurrency is falling today as Lloyds ban bitcoin

Monday, February 5, 2018
By Paul Martin

BITCOIN and other cryptocurrencies such as Ripple and Ethereum could be banned as China blocks access to the markets with its huge Great Firewall of China. Here is the latest news on why cryptocurrency prices are falling today.

Mon, Feb 5, 2018

Any and all websites offering cryptocurrency trading services or advertising the digital currency market have been scrubbed from search engines and social media in China in a bid to wipe out the trade.

Authorities have already banned ICOs and domestic exchanges and are now blocking access to both domestic ands foreign services “to prevent financial risk”.

China has a long tradition of blocking unwanted websites thanks to the so-called ‘Great Firewall of China’ and it seems this process could now extend to blockchain technologies in 2018.

A source from People’s Bank of China-affiliated Financial News said: “Overseas transactions and regulatory evasion have resumed.

“Risks are still there, fuelled by illegal issuance, and even fraud and pyramid selling.”

The central bank reportedly said it would “tighten regulations” on Chinese people’s participation in overseas cryptocurrency transactions and ICOs.

On September 4 last year, the central bank and six government ministries issued a joint statement ordering the shutdown of all ICO platforms in China by the end of that month.

But a later report revealed traders had simply switched to offshore internet platforms to continue participating in the markets.

Now a further crackdown could be on the cards with the latest firewall blanket ban.

The potential ban in China comes after banks in Britain and the United States banned the use of credit cards to buy Bitcoin and other cryptocurrencies.

Lloyds, Britain’s biggest lender, said it would ban its credit card customers from buying crypto following the lead of US banking giants JP Morgan Chase & Co and Citigroup.

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