Crypto Trading Enthusiasm Returns in China, Prompting More Scrutiny from Country's Regulators

    Chinese financial regulators look to tighten controls on country's cryptocurrency trading after speculation from investors rises due to President Xi Jinping's latest announcement.

    The Central Bank in China seems set for another round of crypto crackdowns after President Xi’s latest remarks revived speculation on blockchain technology. Financial regulators in each Shanghai District are required to search and conduct an inspection of all suspected crypto companies and exchanges by 22nd November.

    A notice issued by the Shanghai Internet Finance Rectification Agency noted that the regulators are expected to hand in their reports to the central bank by close of business on that day. The notice which first appeared on the web on Friday morning was later confirmed by Caixin, the Chinese Business Publication.

    Emerging Decentralized Technologies

    This latest move taken by the financial regulators has underscored the complicated relationship that China has with blockchain technology and other emerging technologies. In a speech made at the start of November, President XI asked his fellow countrymen:

    “To help accelerate the development of blockchain technology.”

    It’s worth noting that China has for many years been considered a top destination for crypto miners. But the government has also been persistent on issuing blanket bans on initial coin offerings and crypto-to-fiat trading, a move that began nearly two years ago. The blanket ban means that a majority of the population in the country has not been able to use crypto trading facilities.

    Social Media Ban

    Weibo, the China equivalent of Twitter has also gone ahead and banned its platform users from posting or publishing blog posts and content that contain the terms “crypto trading, “and “Blockchain.”

    It went on to add that posts of this nature contained details that were in complete violation of local laws, which means that users posting the content were contravening Weibo’s community terms. As of Friday, it was not clear when this restriction was enforced, as users could still publish content containing the two phrases, as long as the terms were not used together.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Daniel W
    Daniel W
    Daniel Wambugu writes daily cryptocurrency and blockchain related articles BitcoinExchangeGuide. His articles have appeared in numerous blogs, media publications, and community forums. He prides himself on once being a beginner and uses his experience to deliver high-quality insightful content for our dear readers. With a knack for reviewing ICOs or researching news, Daniel plans to continue being a top contributor for many years to come.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Chart News

    Today's Latest Crypto News

    Swiss Private Banking Giant Julius Baer Adds Digital Asset Trading And Crypto Custody Services

    The major Swiss wealth management and private banking group Julius Baer just launched, in partnership with Seba, its new custodial and trading cryptocurrency services. The...

    Iran's Ministry of Industries, Mining, and Trade Grant More Than 1,000 Crypto Miners Licenses

    Iran is regulating crypto miners after a new licensing regime has been introduced by the country’s government. According to an official representative from the Iranian...

    CME Gaps for Bitcoin Price Fill over 95% of the Time: Research

    CME Gaps are popular topics that frequently get talked about in the crypto market, which usually has seen Bitcoin dumping. These Gaps occur because unlike...

    The Upcoming Cut in Bitcoin Supply Means Zero for BTC Price Says, Analyst

    Searches for bitcoin halving on Google Trends on an uptrend “Makes no sense” to discuss if the halving is priced in says economist...

    WEF's New Global Consortium To Focus On Cryptocurrency Governance Framework

    The World Economic Forum (WEF) has announced the creation of a global consortium which will come up with a governance framework for all cryptocurrencies...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.