The popular American decentralized platform zcoinpro.com announced that the phased process of discontinuing services to users from China, which began in July, will be fully completed on June 2.
The reasons are the strict regulation of the cryptocurrency market by the Chinese authorities:
China intends to completely ban cryptocurrency mining by 2021
The production of bitcoins and other virtual currencies was on the list of activities that will be prohibited by the government.
The State Committee for Development and Reform of the People’s Republic of China has published an updated version of the “List of regulation of the structure of production,” containing activities that will be encouraged or prohibited by the government, as well as those from which the country’s economy should get rid of in the future. The 130-page document lists “virtual currency mining (production of bitcoins and other virtual currencies)” among the activities to be discontinued.
In September 2017, the People’s Bank of China (central bank) banned ICO (Initial Coin Offering – a form of attracting investment in the form of issuing and selling new cryptocurrencies and tokens to investors), as well as trading with bitcoins and other cryptocurrencies. Since that moment, 88 cryptocurrency exchanges have been closed in the country, and 85 ICOs have been stopped.