From the time when the PRC excluded ICOs, and formerly clamped down local conversations, traders have taken to messaging. And chat platforms to purchase and trade cryptocurrencies. The increasing Chinese internet police division has now eyed those in its newest efforts to stamp out all instances of cryptocurrencies within China.
Wechat is vast in China and many have taken to it as a blockchain. And the crypto forum for discussion and transaction. Some groups yet have been closed down ahead of another possible crackdown on crypto. The pressure is increasing and one “3 am Sleepless Wechat Group” concentrated on crypto was self-silenced the past.
Telegram is also widespread in the country as it is encrypted. A screenshot has been extensively shared from one conversation, claiming that a People’s Bank of China restriction. Proclaiming major policies to limit cryptocurrency in China will occur around March 15. This date is a holiday in the country and one often used by the government for stately new policies.
Banning the Banned
A number of stages were taken by the country previously to eliminate cryptocurrencies, which comprise outlawing ICOs, limiting exchanges, and imposing mining operations overseas. Many have moved businesses to Hong Kong where the atmosphere is far more comfortable and crypto trading is open and creative.
One of the remaining exchanges in the country, Huobi, was apparently moving its leftover staff in China to Singapore as the crypto exodus remains.
Crackdowns are nothing new in China, the internet itself behind the Great Firewall is one of the most deeply censored networks in the world. What the administration expects to attain by suppressing chat groups and harassing at those that have moved is a mystery.