China to Block Citizens' Access to Cryptocurrency on Foreign Servers, Source Says
Chen Juan
DATE:  Aug 23 2018
/ SOURCE:  Yicai
China to Block Citizens' Access to Cryptocurrency on Foreign Servers, Source Says China to Block Citizens' Access to Cryptocurrency on Foreign Servers, Source Says

(Yicai Global) Aug. 23 -- China will block over 120 cryptocurrency platforms based on overseas servers which provide service to Chinese citizens and strengthen supervision regarding payments to Chinese accounts, a source close to the related regulator said.

Relevant departments will take further measures to maintain financial order and social stability, the anonymous source told state-backed media Shanghai Securities News today.

This week, Beijing urged shopping malls, office buildings, hotels and other commercial locales to stop promoting virtual currencies. Tencent Holdings's WeChat has also suspended public accounts that published initial coin offering hype, such as such as Jinse Finance, Tokenclub, Bishijie, and Huobi News.

After several rounds of regulatory control, Bitcoin transactions conducted in Chinese yuan have reduced to less than 5 percent from over 90 percent of all transactions globally.

Editor: Emmi Laine 

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Keywords:   Cryptocurrency,Bitcoin,Virtual Currency,REGULATION,Capital Controls