Slowly, China’s reasons for staying out of matters involving blockchain are becoming more prominent. We are no longer left in the dark, wondering why they have decided to stay away from this booming trend. China are merely regulating its raw functions, before properly committing to it as a whole. So far, they have committed in steps to assist government agencies when it comes to matters in cracking down on illegal coin offerings.
The China National Internet Finance Association are a self-regulated organisation which was founded by the people’s bank of China. They are currently operating on an online portal, which allows individuals to file complains and certain types of reports on suspicions activities. The reason why China are committing to these measures is to properly regulate crypto formats before going through new forms of development within its own economy.
China have pushed out a statement, warning the public of potential offerings which may not be legitimate. At the moment, they are merely cherry picking the more safer trading platforms their people can use. China have already enabled internet giants to properly cooperate with regulators to push through efforts in order to block crypto payments across an online functionality.