Bitcoin in China block

China is to block all websites related to cryptocurrency trading and initial coin offerings (ICOs) — including foreign platforms — in a bid to finally quash the market completely.

“To prevent financial risks, China will step up measures to remove any onshore or offshore platforms related to virtual currency trading or ICOs,” said an article published by Financial News, a publication affiliated to the People’s Bank of China.

The article acknowledged that recent attempts to stamp out digital currencies by shutting down domestic exchanges had failed to completely eradicate trading.

“Overseas transactions and regulatory evasion have resumed . . . risks are still there, fuelled by illegal issuance, and even fraud and pyramid selling,” the article said.

Following the reports, advertisements for cryptocurrencies have stopped appearing on Baidu, China’s biggest search engine, and social media platform Weibo.

“It is common for people to use VPNs [virtual private networks] to trade cryptocurrencies, as many exchange platforms relocated to Japan or Singapore,” said Donald Zhao, an individual bitcoin trader.

“I think the new move literally means it would be even harder to circumvent the ban in China ... people promoting related business programmes may be arrested,” Zhao said.