china - Cryptocurrency Chat Groups Targeted by China Ahead of New Possible Regulations

Cryptocurrency Chat Groups Targeted by China Ahead of New Possible Regulations

China has been one of the most aggressive countries towards cryptocurrencies. Indeed, it has banned all Initial Coin Offerings (ICOs) from its country and has banned crypto exchanges to operate. Several times it has warned its society about the risks of investing in cryptocurrencies or ICOs. Now, it seems that the government is trying to keep with its censorship by banning crypto chat groups and other messaging services.

China Censures Crypto Chats

Another regulatory crackdown is expected in the country in a couple of weeks. The zero tolerance policy that the Chinese government has towards cryptocurrencies is expanding to many different fields. If it was not enough to ban ICOs and other cryptocurrency-related services, now the intention is to shut down crypto chat groups.

Chinese Flag
Chinese Flag

As cryptocurrency exchanges have been clamped down, traders have found a good option to trade by using messaging chat platforms. The Chinese internet police division is now targeting these groups in its effort to completely clean the society form the crypto market.

One of the most important messaging companies in China is WeChat, which some groups have been closed ahead other crackdowns on crypto. Telegram, another important messaging application in China is widely use to share information about possible regulations or market information.

During the last days, information was circulating through internet about possible hard regulations around March 15 in China. The date is important because as it is holiday in China, the government uses it ass a way of imposing new controversial policies. It is important to mark that the cryptocurrency market does not sleep and it is opened 24 hours a day including weekends.

The country did not ban crypto mining companies but is making an important effort to reduce their benefits. That’s why some of them are searching new places to settle their operations abroad. It is not clear which will be the next regulation or when it can happen. But China is taking hard measures in order to eradicate cryptocurrencies from the country, as it has done with several internet companies and restricting access to some internet webpages.