The new China Crypto Bomb !!

China is creating mega FUD !!!!!!!!

Regulators In China are planning “a list of measures” for cryptocurrency trading. Among these is “dealing with domestic and international websites,” according to a report Monday by Financial News, a publication affiliated with China’s central bank.

The Financial News report didn’t say which regulator would lead the charge and neither the central bank nor two key internet regulators, the Cyberspace Administration of China and the Ministry of Industry and Information Technology, responded to any requests for comment.

This is big news because Chinese authorities apparently are planing to block websites related to cryptocurrency trading and fundraising.

The justification for such a crackdown is the fact that Beijing deems cryptocurrency as risky investments, and aims to shield its citizens form a highly speculative market.

In my opinion such a move will contribute to the crypto bubble burst and in the end will do more harm than good. The Chinese should instead move to regulation of the crypto market.