China is continuing its crackdown on bitcoin and cryptocurrency-related ventures. The country is now blocking access to more than 120 offshore cryptocurrency exchanges utilized for trading purposes by mainland customers.In addition, officials are also looking to shut down websites pertaining to both cryptocurrencies and initial coin offerings (ICOs), and to prevent businesses from accepting payments in digital assets. ICOs were initially banned last September and were described as “unauthorized” and “illegal” fundraising activities. That same month, Chinese regulators ordered all cryptocurrency exchanges within the country to cease trading practices. This caused many ICO and cryptocurrency ventures to pack up their bags and move to the neighboring region of Singapore, which boasts more crypto-friendly regulation. Over the past year, nearly 90 different cryptocurrency exchanges and about 85 ICOs have been shut down in China. The yuan-bitcoin trading pair has also dropped from 90 percent to less than 5 percent of the world’s total bitcoin trades. Pan Gongsheng — who heads the Leading Group of Internet Financial Risks Remediation — has been adamant that the cryptocurrency ban in China is the “right decision.”“If things were still the way they were at the beginning of the year, over 80 percent of the world’s bitcoin trading and ICO financing would take place in China,” he states. “What would things look lik... For Further Information Click on Below Button