China Plans To Treat Bitcoin Exchanges Like Facebook and Google - MnTrendsNews


Monday, 5 February 2018

China Plans To Treat Bitcoin Exchanges Like Facebook and Google

The Chinese government plans to ban Bitcoin, yeah..Old news. Except now they want to use a far reaching tool, the Great Firewall of China to prevent anyone from contacting foreign exchanges.

Summary below:
  • The Chinese government has decided to block access to overseas exchanges like they blocked access to Facebook and Google.
  • The Chinese government initially tried to prevent local investors from taking part in Bitcoin trading and Initial Coin Offerings but failed.
  • After China's clampdown on local investors, they moved simply to Hong kong, Singapore, Tokyo, etc.
  • The Firewall works both by targeting individual domains and general forbidden keywords.
  • Some sophisticated and tech savvy traders may be able to bypass the block using a VPN service.
  • For traders who cannot bypass the service, they may have to trade off-exchange or wait for  truly unblock-able decentralized solution. Or better yet wait for the Government to have  a change of heart.

Do you think the Chinese government will be able to stop her citizens from trading Bitcoin or should Bitcoin just block China and move on? Do traders stand a chance to bypass the Great Firewall? Please share your views in the comments section below and subscribe to our newsletter and yeah, like our Facebook page Mntrends Blog

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