China internet finance body suggests framework to support virtual currencies

17 September, 2017, 01:12 | Author: Dustin Murphy
  • BTCC was not banned by the government they have shut down voluntarily. Other Chinese exchanges are operating normally

Effective September 15, 2017, at 9:30 China Standard Time, both exchanges suspended new user registration and deposits.

China's cryptocurrency exchanges have been instructed to halt their operations, multiple news outlets have reported.

Bitcoin is now down almost 30% from its peak at above $5,000 on September 1. The Chinese authorities have long used the threat of licensing to force companies to shut down, then get licensed officially, to give the government access to back-end systems.

Sources in the government said that a committee was set up to discuss the proposal of having India's own cryptocurrency. "Exchanges shall deal with their claims and liabilities properly, and insure that investors' funds and virtual currencies are safe". Similar to any other currency, bitcoin prices fluctuate depending on supply and demand and a host of other factors.

The biggest cryptocurrency dropped as much as 40 percent since reaching a record high of $4,921 on September 1, cutting about $20 billion in market value. Bitcoin, invented by Satoshi Nakamoto in 2009, is commonly known as a decentralised digital currency. Ethereum is at $243.

When the Chinese government announced a ban on initial coin offerings last week, it looked like an attempt to rein in the speculative excesses of the cryptocurrency economy. "Monetary aspect of bitcoin will face regulations in most countries".


There were nearly 40 platforms in China contributing to the initial coin transactions as of mid-July and nearly 65 problems have already been carried out in the country, lifting a sum of 2.6 Billion Yuan, as per a group of Chinese experts mentioned in the local media.

News of China's latest crackdown spooked investors, causing bitcoin to plunge from an all-time high of $5,000.

An issue of secondary concern to bitcoin enthusiasts may be about whether other nations will follow China's lead. Huobi.com and OKCoin said in statements Friday that they will notify all users by September 30 of the trading halt and will stop converting digital assets into yuan by October 31.

Shanghai-based business media Yicai is reporting that Shanghai's Municipal Financial Service Office has issued verbal warnings to Bitocin exchange startups that are being interpreted as guidance that they should stop trading.

According to Reuters, the regulator is preparing to double down on exchanges.

Chinese president Xi Jinping is standing for re-election at the party Congress and could be positioning himself with the party base by cracking down on what might be perceived as the wilder areas of the free market. The value of an investment may fall.

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