Chinese Government Forbids Providing Roof to Cryptos, Forcing Traders to Move to Offshore Exchanges

Chinese Government Forbids Providing Roof to Cryptos, Forcing Traders to Move to Offshore Exchanges

With the blockchain and cryptocurrencies swiftly slipping into the life of common people, the digital world is booming at its fastest pace.

But, the former Google CEO’s prediction of the internet being split into two parts with one being led by China doesn’t just seem to be about Google, Facebook, and WhatsApp, but also about the blockchain and cryptoverse.

It is nothing new that China has a totally different stance over things on the internet. While most countries are either thriving to fast pace the development of blockchain and cryptos or are completely banning them, China stands with a totally different motto, ‘Blockchain not Bitcoin.

In a recent report, Public Bank of China stated that it successfully brought down the global share of domestic virtual currency transaction from 90% to a mere 5% in a year. The good news amongst the bad is that Chinese still remain to play a part in cryptoverse’s development, and not just that of the blockchain, by shifting their virtual holdings to different offshore exchanges, and being a major part of ICOs as well as crypto trading.

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