China did not have the most stable relationship with Bitcoin. Once, it was the center of the cryptocurrency universe, until he became too big for his boots and began to attract the government's attention control.

Prohibitions came, firstly for the ICOs and then for the exchanges. rather than stopping the growth of Bitcoin in general, and cryptocurrencies as a whole, in the People's Republic. The idea was to eradicate Bitcoin and its affiliates while the Chinese government was offended by this freedom of movement and its movement across borders. However, even though these bans were unprecedented and harsh, they never really dealt the fatal blow.

Total Blackout

The idea is now that the Chinese government will close the last door on cryptographic activity the state with this ban on trade with a platform foreign form through a massive firewall. This move comes only because regulators had to admit that their previous bans were ineffective.

This is another step towards the Bitcoin power outage in China, with their social media and public search engines cleaning up all traces of cryptocurrency and ICO advertising in recent days. This corresponds to Facebook's decision to do the same

Will it work?

The regulation of the cryptocurrency space has been a very divided subject for many nations forced to act by its monumental growth. Most of the time, it's a case-by-case scenario where different nations choose their level of control; Japan has accepted the currency and is playing a wait and see game, while China is trying to show the way in terms of harsh action.

In an article that was narrated by the South China Morning Post, explained the reasoning for this latest move. The article recognized that recent attempts to eradicate digital currencies by closing domestic trade have failed to completely eradicate trade:

"The ICOs and the virtual currency trading did not completely pull out of China after the official ban .Closing the domestic virtual currency exchanges, many people are turning to foreign platforms to continue to participate in virtual currency transactions .. Foreign transactions and regulatory evasion have resumed … the risks are still there, fueled by illegal issues and even by pyramid selling. "

Game dangerous

This is the latest coup of the Chinese government to eradicate Bitcoin and other crypto-currencies, something that will be looked forward to by many regulators in terms of a possible avenue to follow. However, if that fails and Bitcoin finds another way to work in a society that is accustomed to it and rooted, then the regulators will have great success in their uncompromising approach.

define the timing of the regulations that will lead to general bans wherever it could force governments to leave their great horses and accept and integrate Bitcoin and others.