China is preparing to block all websites related to cryptocurrency trading as it ramps up efforts to ban virtual currencies, the South China Morning Post reported Feb. 5, citing Financial News, a publication affiliated with the People's Bank of China, or PBOC.
"China will step up measures to remove any onshore or offshore platforms related to virtual currency trading," Financial News reported, adding that such trading had continued on foreign platforms despite recent attempts to shut down domestic exchanges.
Due to high risks, the PBOC plans to tighten rules on overseas virtual currency transactions of domestic investors, Xinhua News Agency reported.
China has been cracking down on all forms of activity related to digital currency amid a surge in such trading activity in the country. The central bank also banned banks in January from providing services for cryptocurrency trading and barred initial coin offerings.
