China’s pitched battle against cryptocurrencies continues. The Asian country has just included cryptocurrency mining on the blacklist of industries in which investment by Chinese and foreign users is restricted or prohibited .
After expelling mining companies in May, China recently banned all transactions related to these digital assets , creating a hostile environment. So much so, that more than 20 companies, including cryptocurrency exchanges and developers, have abandoned all activity in the Asian country , according to data cited by the China Securities Journal.
Little by little, the most important cryptocurrency exchanges in the country have been communicating to their users the closure of their accounts . After a decade operating in China, the oldest Chinese cryptocurrency exchange, BTCC, has confirmed the cease of operations in the country, as has China’s largest digital asset exchange, Huobi, and also BitZ, BiKi, BHEX, CoinEx and Renrenbit, among others.
Faced with this situation and in anticipation that the Government of China will impose new measures against these digital assets , companies are mobilizing to be prepared. According to Business Insider , TokenPocket and OneKey, two cryptocurrency wallet providers, have already made public that they will no longer provide services to users residing in the Asian country.
Some companies that are not directly involved in the cryptocurrency market have also felt challenged to take sides in the battle against digital assets in China. This is the case of Alibaba, which has stopped selling cryptocurrency mining equipment on its website.