Chinese central bank official says cryptocurrency trade needs to end

Chinese authorities might consider banning centralized trading of virtual currencies as well as individuals and businesses that provide related services, according to CNBC.

In a memo outlining details of discussions at a meeting of internet regulators and other policymakers, PBOC Vice Governor said the government would continue to apply pressure to the virtual currency trade to prevent the build-up of risks in that market. Thus, national and local authorities should ban venues that provide centralized trading of virtual currencies, of which Bitcoin is the biggest.

Moreover, authorities should also block domestic and foreign websites and close mobile apps that provide centralized virtual currency trading services to Chinese users, and sanction platforms that offer virtual currency payment services.

In 2017, Chinese regulators banned initial coin offerings, shut down local cryptocurrency trading exchanges and limited Bitcoin mining. However, activity in the cryptocurrency and Bitcoin space has continued through alternative channels in China despite the crackdown.

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