China Bans 173 Crypto Exchanges in 2019
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Nov. 25, 2019
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China's central bank, the People’s Bank of China (PBoC), has issued a report, according to which, the financial regulator has banned over 170 crypto-related and token-issuing platforms and exchanges.

The bank claims 173 Chinese virtual-currency trading and token issuing platforms "have all exited without risk."

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However, the report also highlights that the Chinese government intends to support the development and implementation of blockchain in the country's infrastructure.

As it states, China will contribute to innovative development, lowering transaction costs, increasing management efficiency and opening up new ways to use smart contracts in the business environment.

Earlier iHodl reported that PBOC plans to implement a program to restrict transactions involving large amounts of cash.

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