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  • Andre Yunque

Report: Beijing’s Crypto Crackdown May Not Be Over

Apparently, banning cryptocurrecy trading isn’t enough for Beijing.

According to China Money Network, China’s blockchain community is currently in a tizzy because of rumors that Beijing will unleash another wave of crypto prohibitions in the coming weeks:

The Chinese blockchain community is on edge as a widely anticipated regulatory crackdown is expected to be announced in a week or so. Some Wechat blockchain groups are being closed down, while rumors are flying about further policy tightening that could make China the most hostile ground for anything cryptocurrency related.

At least one “3am Sleepless Wechat Group”, a widely recognized brand name for these types of online chat groups focused on discussions of blockchain and cryptocurrency, was voluntarily closed down last night around midnight. The organizer of the group was tight-lipped about why he decided to close the group, except to say that “you will all know in a few days.”

Word in the strasse is that the People’s Bank of China will announce major policies restricting cryptocurrencies around March 15 – World Consumer Rights Day – a day which Beijing has used to shame companies and announce new policies, annually.

What measures would be unveiled is totally up to speculation though. With China already banning cryptocurrency trading and ICOs, it doesn’t really have a lot of options left. It can, however, formally outlaw bitcoin mining, and as China Money Network notes, there seems to have been some movement toward that direction already.

Photo: IQRemix

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