China blocks cryptocurrencies websites in another attempt to ban Bitcoin
Tools that check whether China’s Internet firewall blocks websites show that the crackdown on the cryptocurrency market is intensifying.
The block follows the Asian country repressive trend against cryptocurrency transactions and is clearly an attempt to limit any market access. Last week the People’s Bank of China issued a statement saying the cryptocurrency trade was distorting the country’s economic and financial order, but the market held back.
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This new chapter in the series comes at a time when China is facing market turmoil over the potential indebtedness of real estate company Evergrande, and some analysts say the move could be a way to keep money from leaving the country at this time.
But despite the ban, the market didn’t suffer much, with DeFi tokens rebounding strongly. Some have linked China’s ban to the recent market crash, but all markets have suffered from the news of an Evergrande default, and the cryptocurrency market has been more closely linked to global markets in recent years.
To circumvent the CCP’s autocratic decisions, some citizens still access blocked websites through Virtual Private Networks (VPNs) – as well as P2P transactions, which has been happening for years as censorship in China has grown.