China Bullying Bitcoin Once Again

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China Bullying Bitcoin Once Again

ForexMinute.com – It seems China doesn’t want to keep its unannounced ‘War against Bitcoin’ at rest. Earlier this year, the digital currency encountered how China’s financial authorities did their every bit to uproot Bitcoin from their territory whether it was by issuing threats and warnings, or by discouraging Bitcoin exchanges to use the country’s payment system. Even recently, the few anti-Bitcoin rulings, involving the permanent ban on commercial banks to do business with Bitcoin exchanges, sent cold shivers to the entire cryptocurrency market, following which Bitcoin prices fell hopelessly.

But despite all these aforementioned tactics, Bitcoin survived due to innumerable support and investments by businesses around the world. We all understand how China itself hold a majority of the overall Bitcoin market trades, with most of the key cryptocurrency exchanges functioning inside its territory. And even China understands this pinnacle factor as well. And the country is once again playing its tactics to halt Bitcoin businesses; this time by targeting third party payment systems.

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A report recently published by the Chinese finance newspaper Caixin revealed the ongoing plans to suppress vouched based payment system. The whole process is supervised by Payment and Clearing Association of China (PCAC) – a semi-governmental regulatory body – which is liable enough to make amendments in finance laws.

This time, the target is not the Bitcoin businesses but the customers themselves who deals in this digital currency. According to Caixin, PCAC will simply keep the track of the people who are associated with Bitcoin, and will blacklist them from using the Chinese banking system. The leaked report dates back to May, means this whole surveillance might be active by now.

Although, the Bitcoin market seems to have rubbished this report as no visible impact is seen in the market. We have to wait until PCAC actually starts banning people because of their association with Bitcoin. Till then, let’s just hope it never happens.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com

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