As in so many other countries, the leaders of China have been grappling with the way in which they intend to handle the issue of cryptocurrency. Recently, they made their opinions a bit more clear. In fact, Chinese regulators are honing in on offshore transactions that Chinese nationals have made in regards to crypto currency. Strict laws will be imposed, and those who do not follow the current guidelines will be punished by having their bank accounts frozen and perhaps even having some of their assets taken over.
In a global economy that has gone crazy for bitcoin and other cryptocurrencies, it’s not difficult to see that the actions of these regulators will have a huge impact upon the world economy at large. This, of course, is a far cry from where China one stood in relation to cryptocurrency. In fact, China was once a haven for cryptocurrencies. However, recent rules and regulations have been put into place, and those who have invested in crypto currency‘s are feeling the pain. Perhaps this is why so many offshore platforms were created in order to serve as a sort of loophole, allowing Chinese citizens to participate in the crypto craze. However, it is recently become obvious that authorities are aware of these loopholes and are taking major steps to ensure that they are closed up.