China to block cryptocurrency platforms that allow centralized trading: Bloomberg

Reuters Staff

 

FILE PHOTO: A collection of Bitcoin (virtual currency) tokens are displayed in this picture illustration taken December 8, 2017. REUTERS/Benoit Tessier/Illustration/File Photo

 

BEIJING (Reuters) - Chinese authorities plan to block domestic access to Chinese and offshore cryptocurrency platforms that allow centralized trading, Bloomberg reported Monday citing sources.

 

Chinese authorities will also target individuals and companies that provide market-making, settlement and clearing services for centralized trading, Bloomberg reported.

 

Last year, Chinese regulators banned initial coin offerings, shut down local cryptocurrency trading exchanges and limited bitcoin mining - but activity in the cryptocurrency and bitcoin space has continued through alternative channels in China despite the crackdown.

 

 

Reporting by Beijing Monitoring Desk; Editing by Nick Macfie

 

-- © Copyright Reuters 2018-01-17

great, fortunately bitcoin is designed to be peer to peer so  this will likely just speed up adaption

3 hours ago, phycokiller said:

great, fortunately bitcoin is designed to be peer to peer so  this will likely just speed up adaption

That could be, but without centralized trading, how will you find your peer? Go down to the local fresh market and shout out your price? Heck, I even guess that could be called centralized trading if the Chinese really want to crack down on this...

12 hours ago, Wonderboy said:

That could be, but without centralized trading, how will you find your peer? Go down to the local fresh market and shout out your price? Heck, I even guess that could be called centralized trading if the Chinese really want to crack down on this...

localbitcoins works well

I suppose they will just have to call there offshore brokerage on the telephone (the way we did it 20 years ago) to Buy & Sell Bitcoin or Bitcoin futures.

 

It is pointless trying to shut this down now, 5 years too late, millions of users/traders worldwide already.

5 hours ago, phycokiller said:

localbitcoins works well

"Chinese authorities will also target individuals and companies that provide market-making, settlement and clearing services for centralized trading"

 

Localbitcoin will most likely fall under the above definition.