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China rumoured to outlaw domestic cryptocurrency exchanges - IBS Intelligence (blog) (subscription)

Published 1 year ago

China rumoured to outlaw domestic cryptocurrency exchanges - IBS Intelligence (blog) (subscription)

IBS Intelligence via ibsintelligence.com

China plans to shut down domestic Bitcoin exchanges, according to reports by The Wall Street Journal. China has played a key role in the development and mining of coins like Bitcoin, Ethereum, and others. In the past month, three Chinese exchanges — Bitfinex, OkCoin, and BTCC — made up over 45% of the global market as reported by Bitcoinity.org. One of the biggest boosts in the value of Bitcoin was triggered by one of China’s biggest exchanges renewing withdrawals. The Chinese government is notorious for its protective regulation, and it may have started seeing crypto currencies as a threat to the national currency, particularly due to fact that Chinese investors bought up bitcoin and bet against the yuan last year. Similar events took place in Venezuela, where the government took a hostile attitude towards cryptocurrency after hyperinflation pushed many people to secure their assets in Bitcoin The Chinese Central Bank last week criticized ICOs for threatening the country’s financial order. Similarly, WSJ sources claim that Bitcoin exchanges bring “too much disorder”. Back in 2013, China banned the cryptocurrency from all banks and financial institutions, but not exchanges. Coin spectator is an automated news aggregation service. All copyrights belong to their respective owners. Images and text owned by copyright holders are used in reference to and promotion of those respective parties. Read in Full
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