webfact Posted January 17, 2018 Share Posted January 17, 2018 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 Link to comment Share on other sites More sharing options...
phycokiller Posted January 17, 2018 Share Posted January 17, 2018 great, fortunately bitcoin is designed to be peer to peer so this will likely just speed up adaption Link to comment Share on other sites More sharing options...
Wonderboy Posted January 17, 2018 Share Posted January 17, 2018 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... Link to comment Share on other sites More sharing options...
phycokiller Posted January 18, 2018 Share Posted January 18, 2018 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 Link to comment Share on other sites More sharing options...
NoBrainer Posted January 18, 2018 Share Posted January 18, 2018 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. Link to comment Share on other sites More sharing options...
Wonderboy Posted January 18, 2018 Share Posted January 18, 2018 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. Link to comment Share on other sites More sharing options...
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