China extends ‘great firewall’ to block crypto websites

Beijing’s long tradition of blocking unwanted foreign websites using the so-called Great Firewall of China has found a new target: cryptocurrency websites.

On Monday, People’s Bank of China (PBOC) affiliated publication Financial News reported that financial regulators in the mainland are working on “a list of measures” against cryptocurrency trading. The measures include “dealing with domestic and international websites,” the reported stated, according to the South China Morning Post.

The central bank-linked publication said the decision “to remove any onshore or offshore platforms related to virtual currency trading or ICOs [initial coin offerings]” was made “to prevent financial risks.”

“Overseas transactions and regulatory evasion have resumed,” according to the Financial News article. “Risks are still there, fueled by illegal issuance and even fraud and pyramid selling.”