In what is one of the worst news for crypto currency enthusiasts, investors, supporters and users, the Chinese government is tightening its noose around the growing popularity of Bitcoin in the country.
There are reports that the government will ban Bitcoin exchanges in China.
Last week the Initial Coin Offerings (ICOs) were banned.
Media reports suggest that the ban will possibly leave out Over-the-Counter transactions, implying that the people holding crypto-currencies are not in immediate danger of losing their money.
Chinese Central Bank hasn’t issued any statement yet.
People of China have a significant stake in the Bitcoin market. The country accounts for 23% of the total market share of the currency.
Another important fact is that China also houses some of the largest Bitcoin mining facilities in the world.
The question is, going forward, what will be the impact of such government actions or regulations on the overall health of crypto-currencies and blockchain technologies?
Are such government onslaughts going to be a regular phenomenon as it tries to control the fundamentally uncontrollable technology?
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