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China has closed 173 crypto exchanges and token issuing platforms reports CnLedger

The news has come on the page that China has shut down 173 crypto exchanges and all the related token issuing platforms.

It is reported by a Chinese blockchain outlet CnLedger on twitter that the Chinese government has closed almost all the crypto exchanges and token issuing platforms in the country.

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The People’s Bank of China (PBoC) has recently released the China Financial Stability report (2019). According to the PBoC Financial Stability report, China has exited all the crypto trading and token issuing platforms from the country without any risk.

The Chinese blockchain outlet CnLedger quotes from the PBoC that stated:

The 173 Chinese virtual-currency trading and token issuing platforms have all exited without risk.

The PBoC told the general public about the illegal bitcoin trading and about its plan to stop this illegal activity. The agency said during the announcement that it would take certain measures in order to inspect crypto trading activity.

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Cryptocurrency Project is rising in China

The cryptocurrency project is rising in China. The lust for adopting blockchain technology in China has increased since the announcement of President Xi on the adoption of blockchain technology. Now we have seen the restrictive measures taken by the Chinese government which has shut down all the crypto exchanges.

The reason behind this shut down of 173 crypto trading platforms is that the Chinese government wants to move the attention of people towards its stablecoin that would be released soon.

Recently, the Chinese government has shut down a Beijing-based crypto exchange BISS and some members were arrested by the authorities. The Silicon Valley of China named Shenzhen has claimed and identified around 39 crypto companies that were involved in defrauding the customers.

In short, the Chinese government has tightened its grip on the crypto exchanges and has closed all the operating trading platforms in the country.

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Hassan Mehmood

Hassan is currently working as a news reporter for Tokenhell. He is a professional content writer with 2 years of experience. He has a degree in journalism.

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