Chinese officials will not only block access to local and offshore platforms that provide centralized trading, but will target those who have taken to Telegram and other OTC avenues to provide bids and offers for the cryptocurrency.
Pan Gongsheng, a vice governor of the Chinese central bank, said in a recent meeting that China will continue to apply pressure on domestic crypto-trades for the sake of financial stability, according to Reuters, citing an internal memo. He was quoted as saying: “Pseudo-financial innovations that have no relationship with the real economy should not be supported.” Pan, who also heads China’s internet-finance regulator, has vowed to end bitcoin mining in the country. Earlier this month, the body issued a notice asking local governments to “guide” bitcoin-mining operations to make an “orderly exit” from the business. In response, ViaBTC, one of the world’s largest bitcoin mining pools, has raised its management fee from 6% to 50%, citing China’s “scarce” mining resources due to policy reasons.