16:54 GMT08 May 2021
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    Chinese authorities reportedly plan to prevent all residents of the country from having access to foreign ICO platforms offering digital trading services, as previous attempts to shut down domestic exchange websites have not completely eliminated trading activities.

    Bitcoin fell by 10%, down to $ 7,300 on Monday, reaching its lowest level since November.

    The drastic fall came amid news that Chinese regulators are allegedly planning to block all platforms related to cryptocurrency trading.

    READ MORE: 'Bad Ending'? UK Bank Bars Credit Card Users From Buying Bitcoins

    Although Chinese authorities have already banned domestic exchange platforms, the move didn't help to resolve the problem as people kept accessing foreign websites within the country.

    Now, according to local media, China will restrict access to both domestic and foreign services "to prevent financial risks."


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