China is pinpointing the websites and mobiles apps that offer cryptocurrency exchange-like services, it was reported Monday.
Beijing plans to block domestic access to Chinese and offshore cryptocurrency platforms that allow centralized trading, citing unnamed sources.
The Chinese authorities will also target people and companies that is providing the market-making, settlement and clearing services for centralized trading. It did not describe those plans in any further detail.
Last week, major digital currencies dropped as South Korea reports to ban the cryptocurrency trading via exchanges emerged. Bitcoin made a recovery on Monday, however, trading 4.78 percent higher on CoinDesk and was seen at $14,269.80 per coin. CoindDesk’s bitcoin price index which tracks prices from digital currency exchanges.
South Korea’s justice minister stated on Thursday that a bill is being passed to ban all types of cryptocurrency trading in the country.
The news is a major development for the cryptocurrency space, as South Korea is one of the biggest markets for major coins like bitcoin and Ethereum.
China shocked the digital currency world in 2017 when it moved to ban initial coin offering a means for start-ups to raise funds by selling off new cryptocurrencies have stopped the domestic cryptocurrency exchanges
With that, Bitcoin was down by more than 12 percent which followed South Korea’s remarks, before recovering. The cryptocurrency was down by 0.7 percent on the Coinbase Exchange due to these news.