China clamping crypto trading, as per a report by Bloomberg. Ever since September last year, Chinese regulators have been relentlessly tightening clams on cryptocurrency trading in the country.
As per the latest reports, China is escalating the matters by targeting online platforms & mobile apps that offer services similar to exchanges. The Chinese domestic exchanges were asked to halt their operations by regulators last year. In lieu to that, the Chinese crypto traders turned towards these alternative platforms.
Authorities are trying to block any platform, domestic or offshore, that enables centralized trading for Chinese traders. Individuals & firms involved in crypto settlement & clearing services will also be targeted by the Chinese regulators.
The South Korean news of crypto ban was already driving the prices down, and the China news just fuelled the fire. There are reports of France also planning to ban cryptocurrency trading in the country. Week after week regulators and governments have been announcing plans to regulate digital currencies like bitcoin. This week in France on January 15 the Minister of the Economy Bruno Le Maire announced his decision to create a “digital currencies mission” and a working group that will work towards regulating cryptocurrencies. The whole cryptocurrency market-cap took a serious beating, as market plummeted by close to 25%.
An online petition on the presidential office's website has drawn more than 210,000 requests from people asking the government not to ban trading in digital currencies.
"We the citizens were able to have a happy dream that we had never had in South Korea thanks to crypto currency," the petition reads. "You may think you are protecting the public but we citizens think that the government is stealing our dream."
Any bill to ban trading would need to pass the National Assembly, a process that could take many months or years. But if any nation needs to get a grip on the cryptocurrency surge it’s South Korea. Park said trading was now akin to “speculation and gambling” and warned it may “inflict serious financial damage on citizens”.