China Banning Cryptocurrency, Investing in Blockchain Technology

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China is not showing any intention of slowing down the crackdown of cryptocurrency. Currently, Baidu, Alibaba, and Tencent (BAT), the largest technology companies in the nation are banning activities related to cryptocurrency from their platforms. China’s leading internet service provider, Baidu has officially banned two popular cryptocurrency chat rooms from their platform.

According to South China Morning Post (SCMP), a search for forums namely Virtual Currency Bar and Digital Currency Bar has shown that they have been closed temporarily to accord with the relevant policies, laws, and regulations.

Whereas, on the other hand Tencent and Alibaba are currently cracking down crypto transactions on their mobile payment related services. Tencent’s social media, mobile payments app, and messenger services banned series of cryptocurrency media outlets to spread hype in violation of Chinese law.

Tencent will also be banning crypto trading on WeChat. The company recently said that it will be monitoring daily transactions and block all cryptocurrency related activities. Alibaba Group’s Ant Financial will also be initiating similar measures on Alipay, their mobile payments app.

The company will also promote blocking accounts that tries to indulge in crypto trading. Chinese authorities have declared that they will be blocking 124 website offshore cryptocurrency access in the country. None of the companies have quoted government orders as the reason for the restrain.

The government has outlawed initial coin offerings and crypto trading and is betting on blockchain. Xi Jinping, the President of China has endorsed in blockchain technology in May this year because they believe that this technology will provide one of the biggest economic breakthrough in the country.

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