Chinese news site Chain News announced today their services would be closing and following guidelines in order to deal with strict restrictions and censorship enforced in China.
ChainNews is a popular Chinese news website that has been around for more than three years. They cover a wide range of topics including ICOs, crypto trading, and blockchain technology.
On April 26, Coindesk reported that the website of the online daily news digest, ChainNews, had been closed. The website stated that they would not be publishing any articles after today and asked readers to visit their social media accounts.
Furthermore, The ChainNews website team announced that they will be taking the site offline for a few hours, but they will continue to publish content through their Telegram and Twitter accounts.
China is cracking down on cryptocurrencies. They have announced that they are suspending all the crypto related websites and news media along with the crypto mining and trading operations and related services. It is unclear what this means for the future of cryptocurrencies in China, but it will certainly be a blow to those who had invested in them.
China Makes Crypto illegal
China has been on the forefront of many technological advancements and is often seen as a global leader in science and technology. However, while the country is home to some of the world’s most impressive engineering feats, they have not embraced blockchain technology yet.
In the early days of bitcoin, China’s central bank warned investors against cryptocurrencies. However, many crypto enthusiasts believe that China’s hostility is merely a ploy to promote their own domestic digital currency.
China has a history of being a big player in the world markets. In recent years, China has taken a huge stance on crypto and blockchain technology. They have been banning ICOs, shutting down crypto exchanges and refusing to acknowledge the legitimacy of crypto as a currency. This is due to their fear that crypto will eventually take away from their control as well as the potential for big losses.