China has a population that is becoming increasingly interested in Bitcoin and other cryptocurrencies; but, its government has also been ratcheting up efforts to suppress the growth of digital assets amongst the country’s people.
According to the South China Morning Post, more than 120 foreign cryptocurrency exchanges have been blocked recently by the Chinese government. Authorities in China will also block websites promoting ICOs, and sites that offer cryptocurrency payment services.
China is clear and open in there attempts to slow down and stop the growth of Bitcoin and altcoins. Officials all over the country are taking steps to ensure Bitcoin cannot have unfettered growth.
Authorities have even gone as far as banning hotels in certain cities from hosting any events that have anything to do with cryptocurrencies and have blocked many cryptocurrency related accounts on the country’s most popular social media platform WeChat.
The strongest part of China’s crypto crackdown has been on ICOs. Chinese officials have warned citizens that most ICOs are poor investments with many being actual scams with no real intentions of producing a working product.
Sheng Songcheng, an adviser to the People’s Bank of China released a statement on Friday through state media warning investors of the perils of ICOs. With hundreds of companies forming with only the goal of robbing people, the Chinese government feel justified in their attempts to slow down the spread of the industry.