Pan Gongsheng, vice governor of the Chinese central bank, People’s Bank of China, is allegedly seeking a broader ban on services on cryptocurrency trading in the nation.
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Gongsheng believes the technology presents a potential market risk and considers an end to all cryptocurrency trading the solution to the supposed financial risk.
In an internal memo, Gongsheng stated a broad ban of the technology must restrict services including exchanges and online cryptocurrency wallets.
In September, China banned initial coin offerings (ICO’s) and begun requiring exchanges within the nation to stop crypto-to-fiat currency order-book trading.
Major exchanges in China have shifted to over-the-counter (OTC) trading along with overseas trading of crypto-to-crypto trading.
These types of trading are still available for citizens of China.
Reports suggest Gongsheng is requesting cooperation from central authorities to thwart cryptocurrency trading within the nation.