China now targeting cryptocurrency chat groups: New regulations are on the way

Cryptocurrency market in China is in for a rough roller coaster over again as the government is moving forward with its censorship. The Chinese government is targeting crypto chat groups in a new phase of banning cryptocurrencies.

The country has been the worst hit with cryptocurrency regulations and even complete shut down in Mainland China. The country banned all Initial Coin Offerings (ICOs) as well as crypto exchanges. China is one of the most dynamic regions in the cryptocurrency market. However, the government has been in the forefront of warning its citizens over risks related to cryptocurrency investment.

China chat censorship

There is a crackdown expected in China in a fortnight. The zero-tolerance policy taken by the Asian government is expanding to cover more avenues. The chat groups now risk being shut down as a new development shows that after banning cryptocurrency exchanges, traders are still trading in the chat platforms. The internet police have been tasked to target chart group to rid the country of cryptocurrencies completely.

WeChat, a messaging platform, has reported that some groups have already been shut down to avoid confrontation with the authorities. Telegram is another messaging platform used by citizens to share information related to cryptocurrencies. In the last couple of days, rumors have it that China will be announcing more cryptocurrency regulations in the period around March 15. 

It is unclear what other regulation the Chinese government is intending to impose. However, it is widely known that China is working hard to get rid of all cryptocurrency related businesses.