Economy

China is reportedly raising the bar on its cryptocurrency crackdown

Updated : January 16, 2018 08:13 AM IST

China is targeting websites and mobile apps that offer cryptocurrency exchange-like services, it was reported Monday.

Beijing plans to block domestic access to Chinese and offshore cryptocurrency platforms that allow centralized trading, Bloomberg said, citing unnamed sources.

Chinese authorities will also target people and companies that provide market-making, settlement and clearing services for centralized trading, Bloomberg said. It did not describe those plans in any further detail.

The country shocked the digital currency world in 2017 when it moved to ban initial coin offerings (ICOs) — a means for start-ups to raise funds by selling off new cryptocurrencies — and shut down domestic cryptocurrency exchanges.

Last week, major digital currencies fell after reports of South Korea banning cryptocurrency trading via exchanges emerged. Bitcoin made a recovery Monday, however, trading 4.78 percent higher on CoinDesk at $14,269.80 a coin. CoinDesk's bitcoin price index tracks prices from digital currency exchanges Bitstamp, Coinbase, itBit and Bitfinex.

CNBC contacted the People's Bank of China but it was not available at the time of publication.

China is reportedly raising the bar on its cryptocurrency crackdown

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