Cryptocurrency

China’s Strict Policy Towards Video Games Besides Banning Cryptocurrencies

China’s Strict Policy

The government of China has imposed a certain restriction on online gaming following curbing the crypto trading while considering that online gaming has an adverse effect in a place like addiction and children may be afflicted by visually impaired with other complexities involved. Chinese government inclined to ban all those perspectives that may be related to cryptocurrencies.

Last year, the government of China restricted crypto exchanges by preventing people to deal with digital currencies. Amidst all this, there are numerous people who are inclined to invest in the digital currencies in rest of the region. With this, the citizens have opted to executed peer-to-peer trading with the help of online chat rooms. Following this, the government also restricted all those chat rooms, mostly WeChat that circulated the crypto related matter.

With the strictest policy in place, the Chinese tech giant, Baidu has partnered with renowned internet and e-commerce companies like Alibaba and Tencent by following new anti-crypto measures in place. The e-commerce major, Alibaba, that runs Alipay app has also restricted all those accounts circulating crypto trading and related matter. Besides this, Tencent commented in its statement that it will block all those suspicious accounts used for crypto trading. Amidst all this, Baidu has already stopped two crypto-related discussion forums.

According to the official source of Bloomberg, regulators in China focus to close numerous online games and discourages related activities and play time. The Chinese authority focuses to implement control that restricts certain age group of people.

Let us not forget that China is considered to be the world’s largest gaming market. With the restriction in place, there are numerous local companies will be affected. Needless to say that the stock price of a renowned tech company like Tencent fell by more than 5% in Hong Kong, with Perfect World Co, a renowned game developer lost more than 9% in Shenzhen.

No matter which technology in place, when it is used systematically and ethically, it may always add value!!

About the author

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Shalin Soni

Shalin joined CryptoNewsZ as Associate Finance (Cryptocurrency Research & Analysis) in 2018 and has 10 years of collective experience to work on financial modeling and financial planning & analysis activities (fp&a) domains. He has worked with various organizations in India and added values by leveraging his skills and expertise. He has strong domain expertise in research & analysis, valuation, and fp&a. He has worked with various organizations in India and added values by leveraging his skills and expertise. He has strong domain expertise in research & analysis, valuation, and fp&a.
You can also mail him at [email protected] to discuss anything related to his reports.

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