FUD Storm Continues as China Steps Up Pressure Against Cryptocurrencies

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I January 2018, the crypto market crashed followed by new rules for cryptocurrency trading in South Korea and Beijing. cryptocurrency related ads and websites have blocked in China on Monday morning February 5.

China has chose to block all foreign cryptocurrency trading websites and ICOs, the South China Morning Post reports.

On Monday, the state-media agency Xinhua said the state will look to heighten measures on domestic investors participating in overseas transactions of ICOs and virtual currency in an effort to stop what it deems "the high risks" from the sector.

The authorities in China have already banned ICOs and shut down domestic exchanges, but that didn't solve the issue of people accessing foreign services within the country.

The crypto industry has been hit hard by the developments in the United States and China where continued regulation of the industry has been putting the pressure on the investors and traders from those countries.

Risks are still there, fuelled by illegal issuance, and even fraud and pyramid selling.

The moves were outlined in a report Sunday by Financial News, a publication under the People's Bank of China.

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On February 4, 2018, according to the Financial Times newspaper run by the People's Bank of China, a series of regulatory measures will be taken against ICO and virtual currency transactions at home and overseas, including banning the existence of relevant businesses and banning and disposing of domestic and foreign virtual currency exchange websites. Furthermore, by removing related applications from app stores.

Following false fears of a Bitcoin ban in India, the FUD storm continues as China looks to completely eradicate cryptocurrency trading-but can they succeed?

The reports of the government's latest crackdown on cryptocurrencies have also led to the disappearance of virtual currency advertisements on Chinese microblogging site Weibo and Baidu, the country's biggest search engine.

It's been a rough month for Bitcoin and the cryptocurrency market.

Despite the ban, individual investors have continued to trade on foreign exchanges using virtual private networks.

This leaves Bitcoin down 47% year-to-date, the worst start to a year for the cryptocurrency since inception...