China to Step Up Cryptocurrency Crackdown

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In light of a new crackdown on cyptocurrency, the state media of China report a stamp out of the remaining trading in over-the-counter trading platforms, peer-to-peer networks and where large exchanges occur and firms trade overseas.

Indeed, following last year’s crackdown the new plans will very much scrutinize the emerging online groups facilitating large-scale peer-to-peer trade and alternative channels that generally allow trading cryptocurrencies.

The price of bitcoin on some exchanges has been tumbled more than 20 per cent, falling below the US$10,000 mark, and this constantly fuels the fear that many currencies’ rapid rise in value last year could reflect an inflating bubble and China is taking all the necessary actions to be protected.