China’s Government Closes 173 Exchanges and Token-Issuing Platforms

[hellenjones260]

The Chinese government has reportedly closed all cryptocurrency exchanges operating in the country, according to a Twitter update from Chinese blockchain outlet CnLedger. Additionally, according to the People’s Bank of China’s (PBoC) financial report, the country will continue to crack down on “unlicensed payment” businesses; including online lending firms and other financial companies operating online.
PBoC Vows to Crackdown Crypto Exchanges.
Ideally, the move means that China has finally shut down every competitor in the cryptocurrency sector. This has the door open for its soon-to-be-released CBDC. The PBoC had notified the general public on the legality of digital currencies; and its plans to curb illicit bitcoin trading, last week. The central bank vowed to shut down all exchanges. As per the announcement, the agency stated it would use measures such as inspections and a ban on crypto trading activity to “resolve related risks in a timely manner.

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[Noverteno]

I previously found that there are about 240 cryptocurrency exchanges in the world. Really 173 of them were in China? Or does this figure cover other financial institutions that were closed in China? In any case, the Chinese government has finally taken a rather bold step towards banning decentralized cryptocurrency on its territory. Maybe the current decline in the cryptocurrency market was connected with this? Well, China is really struggling with uncontrolled financial flows. I’m even interested in how the Chinese economy will develop further. However, such a ban will definitely have a negative impact on a decentralized cryptocurrency.

[Niteroy]

The Chinese government has long been pursuing a policy of tight control and regulation, so it is quite normal that they close exchanges and various crypto projects. I am sure that the Chinese government will not leave without control any crypto exchange registered in China. In order to protect their economy from anonymous and decentralized cryptocurrencies, they plan to launch a national digital currency, which will be controlled by state authorities.

[Senin]

China has always been distinguished by its own development of its economy. I must admit that on this path they have achieved great success. Now they are taking measures to weaken the circulation of decentralized cryptocurrencies and will try to replace the need for many cryptocurrencies with their national stable coin CBDC. For the government, this is a good step that may turn out to be successful. However, a decentralized cryptocurrency may lose ground in China. What will happen in practice, we will soon see.

[Goodcat49]

I previously found that there are about 240 cryptocurrency exchanges in the world. Really 173 of them were in China? Or does this figure cover other financial institutions that were closed in China? In any case, the Chinese government has finally taken a rather bold step towards banning decentralized cryptocurrency on its territory. Maybe the current decline in the cryptocurrency market was connected with this? Well, China is really struggling with uncontrolled financial flows. I’m even interested in how the Chinese economy will develop further. However, such a ban will definitely have a negative impact on a decentralized cryptocurrency.

240 cryptocurrency exchanges? Even Coinmarketcap shows more than 300. And I know that more than a half exchanges are not shown there. Also the title says "exchanges and token-issuing platforms".

[Fenix]

The Chinese government is preparing to introduce its national stable coin CBDC and therefore is clearing its stable coin from its competitors. Let's see what happens. It seems that, as a means of payment, this stable coin will be in demand. If not immediately, then over time.

[Goodcat49]

Also, I should admit they are banning some cryptocurrencies (and crypto trading platforms), not blockchain technology.