Bye, bitcoin: China to ban commercial trading of virtual currencies.
After months of scrutiny, regulators plan to shut exchanges.
Japan regulates bitcoin. China bans it.
BEIJING — Chinese authorities plan to shut down domestic bitcoin exchanges, delivering a final blow to a once-thriving industry of commercial trading for virtual currencies, which took off inside the mainland four years ago.
The country’s central bank has led a draft of instructions that would ban Chinese platforms from providing virtual currency trading services, according to people familiar with the matter. The move comes after months of scrutiny by Beijing, including a ban last week in China on initial coin offerings, a kind of fundraising via virtual currencies.
Regulators in China have been investigating the domestic market for bitcoin BTCUSD, -4.46% and other virtual currencies since the beginning of the year. For a while, officials considered enacting anti-money-laundering rules on exchanges, even circulating a draft of such rules for them to follow.
But the stakes for Beijing grew as prices of virtual currencies like bitcoin soared, adding to the risk of further speculation by domestic investors. Analysts and investors say one reason bitcoin prices rose last year was that Chinese people began using the asset as a way to bet that the value of the yuan would fall. Virtual currencies in theory can allow holders to bypass the traditional banking system to move money outside of China’s capital-controlled borders.
No countries or central banks can shut down Bitcoin and China is no exception. Take advantage of this price dip and buy more cryptos.
nice info..follow back to get vote & comment on every post :)
nice info..follow back to get vote & comment on every post :)
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Copy and pasting articles from other outlets that aren't even news but uneducated opinions from Bitcoin haters. Well done @dhen2 your really doing your bit to help prevent something that will bring about a fairer world. You must be real proud when you look in the mirror. All your best efforts for your central bank masters won't work, if you bothered to do any independent research at all you would know bitcoin can't be stopped or regulated hence why its 8 years old and as strong as ever!