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China is serious about cracking down cryptocurrency!!!

As per the latest updates, China has blocked around 20 offshore cryptocurrency exchanges till now and the reports further suggest that authorities have not done yet. The exact reason behind China’s aggression is yet unclear. Although authorities have not declared their intentions and reasons behind these aggressive actions towards cryptocurrency.
As per the media sources, the government have full intention of monitoring all the crypto-based news sites for latest updates on crypto or ICOs. And in case these platforms pop up regarding crypto they will be immediately put down and block their IP addresses. This move comes right after the local authorities in Beijing banned the hotels and crypto-based news websites form operating. This happened last week and have affected the entire crypto-media outlets on WeChat.
As per the latest updates, Chinese authorities have banned all new ICOs and existing ones in the country. Coming to what China’s regulators have mentioned that ICOs are nothing but “unauthorized illegal fundraising activities”. This statement seems justified as China has been found to be a complete scam.
China has been constantly trying to get rid of the cryptocurrency and is not being very successful in doing so. The good news here is that the rules of Chinese regulators does not extend to the blockchain technology itself. It was in 2017 when the Digital currency research institute was opened near Beijing’s financial district. This is not it, China’s IT Ministry also opened up a research facility named Trusted Blockchain Open Lab as per the media reports from Coindesk.
According to the current scenario, the flaming relationship between the United States and China could be resolved by simply indulging in a strong cryptocurrency. The officials suggest that this simple idea will put an end to the US dollar’s dominance. So where the government of China is planning to dump the entire idea of the cryptocurrency, it might be the one thing that could help the country stand straight.

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