China’s state media are calling for a complete ban on cryptocurrencies

China’s state media are calling for a complete ban on cryptocurrencies

Despite the ban on the activities of the cryptocurrency exchanges in China, citizens are actively working with the cryptocurrency through the OTC exchange.

However, it looks like this will soon come to an end. The state news Agency of China enhances the negative rhetoric in relation to all transactions with cryptocurrencies including trade on foreign exchanges and work on the OTC exchange.

February 12, reporters news Agency, Xinhua, demonstrated in detail the buying process on Huobi Pro using the available payment tools such as AliPay.

As you know, the Chinese cryptocurrency exchanges after the ban of their activities began to open exchanges with the registration in other countries and also began to provide services for the OTC trading.

Referring to the report released by the China Commission for security of financial transactions on the Internet, the news Agency said that as of November last year to Chinese investors was available 21 over-the-counter exchange, although formally these platforms are located outside China, in countries such as Hong Kong, Japan and the United States.

In addition, the report also indicates the exchanges which spetsializiruyutsya solely on the operations with cryptocurrency, and to which Chinese investors also have access.

The news Agency further concludes that these limitations and restrictions do not perform their functions, and called for further tightening of legislation. In addition, the activities of the cryptocurrency exchanges which has formally moved to other countries must also be stopped, or at least access to them Chinese citizens must be restricted.

Currently, some ICO projects move abroad to continue its activities. Although they are officially registered and operate abroad, their key executives, developers and investors located in mainland China.

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