Bloomberg & Wallstreet Journal News: China Is Banning Bitcoin Exchanges. Nobody seems to care... Yet!

christophzak (37)in #bitcoin • 7 years ago

After Google Facebook and youtube, would it surprise people if China would now ban Bitcoin?

China plans to ban trading of bitcoin and many other virtual currencies on domestic exchanges, dealing another blow to the cryptocurrency market after the country outlawed ICO just last week.

http://www.newsjs.com/gjgp.php?q=http://www.cityam.com/271322/chinas-first-country-ban-initial-coin-offerings-ico-central
The ban will only apply to trading of cryptocurrencies on exchanges. Authorities don’t have plans to stop over-the-counter transactions, such as local Bitcoin, the people said.

After 2 weeks of China rumors, the China news is starting to feel like the new Trump news, however, after the full on ban of ICOs, we can all understand that until now all these rumors became true.** Gold Mans Sachs forecasted a bear market to the levels of around 120 Billion Market Cap, a few days before the China news hit mainstream. Did they have insider information or is this all just market manipulation, for the elite to buy some cheap coins and take more control of the market.

While Beijing’s motivation for the exchange ban is unclear, it comes down to a broad clamp on financial risk in the run-up to a key Communist Party leadership reshuffle next month.
The Peoples Bank of China has already been taking steps into creating their own government back cryptocurrency, which would make it the major central bank to have control of digital money.

The exchange ban is unlikely to have a major impact on the prices of crypto currencies globally because outside o China will continue trading. The country’s role in the bitcoin market had already started shrinking. In recently uthorities tightened regulation. In 2013, exchanges in China accounted for more than 90 percent of the world’s bitcoin transactions.