China is targeting websites and apps that offer cryptocurrency like services.
Cryptocurrency is a type of currency that acts as a medium between real money and online money.
Daniele Bianchi of Warwick Business School, is an Assistant Professor of Finance and researches cryptocurrency said “Increasing value and legitimacy of cryptocurrencies is not only good for investors, but also brings attention from regulators and policymakers. As Bitcoin and altcoins are becoming more mainstream, being constantly in the spotlight, we are seeing regulators becoming more active to crack down on illegal uses.”
In China’s effort to eliminate the use of cryptocurrency, Beijing plans to block domestic access to the Chinese and offshore cryptocurrency platforms that allow for central trading.
Many major digital currencies fell last week after reports that South Korea was banning the use of cryptocurrency trading. In response to this however, Bitcoin made a recovery on Monday. It is estimated that a coin is worth $14,269.80 USD.
Dr. Bianchi continued “The situation is not the same across countries however. While the South Korean and the Chinese governments are planning to take decisive steps in monitoring and limiting trading in cryptos, the Russian government has drafted a new bill for the legalisation of cryptos trading in authorised platforms.”
Dr. Bianchi finished by saying “we should expect a great deal of heterogeneity in the way regulators will face cryptocurrencies trading. The bottom line is that, although governments need to put in place efficient regulations that prevent investors getting into difficult situations, the way such regulations are drafted will largely depend on their view of cryptos as a useful financial innovation rather than a threat.”
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