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China continues with new restrictions on crypto

china-continues-with-new-restrictions-on-crypto

The restrictions around cryptocurrencies have continued in China. All Chinese search engines have blocked the three major exchanges. China’s Qinghai province has also announced a new ban on virtual currency mining.

Users are unable to find their exchange

Chinese users cannot find the exchange, they use through search engines like Baidu and Sogou. The search engines as well as other social media platforms have blocked Binance, Huobi and OKEx. It seems as if the search engines have shadow-banned the exchanges by not allowing them to show up when using keywords related to them. On Twitter, several Chinese citizens showed pictures of them being able to find Binance using different keywords.

This isn’t the first time Chinese users have had problems online with crypto this year. Chinese social media accounts that talked about cryptocurrencies or crypto trading on their account were also blocked by the social media app Weibo last week.

Qinghai has issued a new ban on virtual currency mining

Another restriction that has come to light is that China’s Qinghai province has issued a new ban on virtual currency mining. It is the latest mining hub in China to completely eliminate the industry. The news came shortly after another announcement of a crackdown on some crypto miners in Xinjiang and follows Inner Mongolia, which had previously imposed restrictions on miners.

China’s government has been tending in this direction for some time. Inner Mongolia introduced new regulations on energy-consuming companies in April, while Sichuan – another mining centre – has hinted it may end a local energy policy that had benefited miners.

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