While China concentrates much of the Bitcoin volume, the situation could soon change through a strict government measure that could ban trade with cryptocurrencies.
According to information shared by the Wall Street Journal, the Chinese government could soon proclaim the ban on cryptocurrency exchange platforms, with the main target Bitcoin.
China had already banned the ICO (Initial Coin Offering) which consists of buying digital assets (token) using cryptocurrency. These tokens are then considered as prepaid money which then circulates more easily on trading platforms.
The Chinese Central Bank has drafted a bill that would prohibit Chinese platforms from offering virtual currency trading services according to the Wall Street Journal. In addition, it would also limit money laundering on these platforms and regain some control in the flow of capital of Chinese nationals.
The flight of uncontrolled capital to foreign countries is also at the heart of the government's concerns.
