FUD World Tour (part 2)

• China

On February 4, China has (yet) issued a statement announcing the blocking of all sites (local and foreign) related to the exchange of cryptocurrencies and ICO. This announcement is in continuity with the policy of the Central Bank of China (PBoC) since early 2017. Here is an excerpt from the announcement:

"To avoid and mitigate financial risks, ICOs and virtual currency exchanges, and the banning of enterprises, banning and disposing of domestic and foreign exchange virtual currency websites."

"To prevent and mitigate financial risks, the authorities will take regulatory action against ICOs and virtual currency trading platforms inside and outside the country, including the banning of the companies concerned as well as the prohibition and removal of domestic and foreign affiliate websites ".

This announcement follows the notice of 4 September 2017 prohibiting ICO in China, then closing the platforms to September 30. RMB transactions accounted for 90% of the global trading volume before the ban. They subsequently fell to a minimum of 1%, as many Chinese investors went to Hong Kong or Japan.