Popular Bitcoin and altcoin price tracking websites CoinGecko and CoinMarketCap are currently inaccessible to users based in China. For details Cryptocoin. com continue reading e.
China’s war on cryptocurrency intensifies
Users in mainland China can no longer access the Bitcoin and altcoin price monitoring websites CoinGecko and CoinMarketCap. Search results on Comparitech, a website that allows users to check if a particular domain is blocked in China, confirms that both websites are currently inaccessible in China.
While it is not clear exactly when the two websites became inaccessible to Chinese users, the restrictions were not proactively enforced by the websites, but instead the Internet censorship agency responsible for the Great Firewall of China, the Cyberspace Administration of China (CAC). Appears to be implemented by
People’s Bank of China bans a series of activities related to all cryptocurrencies, including Bitcoin
Chinese authorities have taken a tough stance against cryptocurrencies for several years. The country has threatened to ban cryptocurrencies in one form or another several times since 2013. But very little of his actions have had a lasting impact (the crypto community often jokes about China’s plans to ban the asset class when a new announcement pops up). However, the situation seems to have become more serious in recent months. On September 15, the People’s Bank of China (PBOC) said that all activities related to Bitcoin and altcoins, including mining and operating crypto exchanges, are illegal.
In addition, authorities threatened to investigate anyone involved in marketing, promotion, payment settlement or technical support for offshore crypto exchanges, according to a notice released by the central bank. While holding cryptocurrencies has not yet been made illegal, recent crackdowns are making it harder for Chinese citizens to legally absorb, hold or use crypto.
Is it possible to bypass the Great Firewall via VPN?
Earlier this year, China curtailed cryptocurrency mining, leading to an exodus of miners to Kazakhstan and the US, specifically Texas. The move to block CoinGecko and CoinMarketCap doubles down on recent actions as they try to prevent Chinese citizens from peeking at the price of their crypto assets.
However, using virtual private networks (VPNs), Chinese cryptocurrency users can bypass the Great Firewall and theoretically gain access to CoinGecko and CoinMarketCap. While centralized exchanges are also banned, there is little the authorities can do to prevent citizens from transacting on unauthorized decentralized exchanges like Uniswap and Sushi.