Cryptocurrency ban in China and Hong Kong: Hacked email claims?

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A recent security breach of a government of China revealed that China is planning on banning cryptocurrency with the help of Hong Kong monetary authority as well as People’s Bank of China. The email was sent to ID on the domain pbc.gov.cn.

According to the message, the government of China is planning to curtail all activities related to Bitcoin. Whether it is the trading of Bitcoin or any kind of investment, the government is planning on curtailing all of these. It further extended an invitation to the reporters to attend a press briefing in Beijing on 14 February 2018. The Deputy Gov. of People’s Bank of China Pan Gongsheng would oversee the press briefing.

According to the press release, there would be detailed supervision on the individuals as well as the companies which are trading or investing in cryptocurrencies. Moreover, it also included the mining operations as well as cryptocurrency wallet companies.

As expected, the authorities denied that any such press briefings to take place. Also, as per the website of both the institutions, no such press briefing has yet been announced.

Some of the sources even state that the email is actually fake and the purpose of the email is to make the attending press reporters fill out a form. According to the owner of the email id, his email was hacked and these messages were sent out. He further added that he has nothing to do with these messages. He also stated that these messages or emails were sent out without his knowledge.

The problem, however, is that China might be well on its way to ban cryptocurrencies. In the last few months, it has taken a lot of steps to prevent individuals from investing or trading in cryptocurrencies. Also, cryptocurrencies are very popular in China and the number of cryptocurrency exchanges are also increasing. Moreover, the mining operations in China are also much higher as compared to any of the other cryptocurrencies.

Thus, any action by the Chinese authorities on the cryptocurrency market would have a significant impact on the cryptocurrency space. This is the reason why many of the cryptocurrency investors are actually trying to find out if this email is actually true or whether it is just a fake email which has been disclosed by someone on the Internet. For the time being, however, it has not sparked any kind of scare among the cryptocurrency investors. Most of the cryptocurrencies have increased by around 10% in the past 24 hours.

Adam Webb is editor in Smartereum, blockchain and currency news, where he produces updates on Blockchain, Ethereum and other alternative cryptocurrencies.

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