RATE Group | China Closes 173 Cryptocurrency Exchanges and Token-Issuing Platforms
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China Closes 173 Cryptocurrency Exchanges and Token-Issuing Platforms

27 Nov China Closes 173 Cryptocurrency Exchanges and Token-Issuing Platforms

Posted at 14:03h in Cryptocurrency News by

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Chinese Government Shuts 173 Cryptocurrency Exchanges

The Chinese government has reportedly shut down almost all the cryptocurrency exchanges and token issuing platforms that are operating within the country. The move was taken in order to tighten its grip over the financial industry in the country.

The shocking news came to light after the Chinese blockchain outlet CnLedger stated that “the 173 Chinese virtual-currency trading and token issuing platforms have all exited without risk,” referring to the People’s Bank of China (PBoC) Financial Stability Report (2019).

According to the PBoC’s Financial Stability Report, the country is going to eliminate “Unlicensed payment” businesses, which include online lending institutions and other financial companies.

“Some long-term accumulated deep-seated contradictions in the Chinese economy are gradually exposed, financial risks are prone to occur, and economic growth is facing more difficulties. From an international perspective, the possibility of “peaking…

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