China Tightens Cryptocurrency Crackdown

12 September, 2017, 00:43 | Author: Franklin Nunez
  • Bitcoin yuan

China plans to ban trading of bitcoin and other virtual currencies on domestic exchanges, after banning initial coin offerings last week (See: China bans ICOs in crackdown on cryptocurrency ).

"It means platforms facilitating trading between virtual currencies and legal tenders will not be allowed in China", the source said.

According to the reports, the ban will be limited to exchange-based trading and will not affect over-the-counter transactions.

China accounts for 23 percent of all Bitcoin trades and houses some of the most successful Bitcoin miners. "Old users will definitely still trade, but the entry threshold for new users is now very high".

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Investors in China have been using Bitcoin as a way to protect themselves should the yuan fall in value.

What is clear is that China has completely banned ICOs and will punish any companies that attempt to offer them.

Trading volume would definitely shrink. Bitcoin has shot up around 600 per cent in dollar terms over the past year, which has stoked fears of a bubble. The People's Bank of China has done trial runs of its own prototype cryptocurrency, taking it a step closer to being the first major central bank to issue digital money.

"There has been a general tightening of the screws on regulating financial and monetary conditions", said Mr Mark McFarland, chief economist at Union Bancaire Privee.

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There are conflicting information regarding China's alleged order for virtual currency exchanges to shut down, as several Chinese exchanges such as Huobi and Okcoin have said they haven't any orders from the government.

All three venues reported transactions yesterday, with bitcoin rising 6.3 per cent on OKCoin as of 11.56am local time.

Even before the effect of this news died down, we received the reports of such a ban on exchanges and this led to the crashing of the bitcoin prices back to its lows of the range at the $4000 region.

China has been casting its shadow on the price of cryptocurrencies in the past week.

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The daily trading volume of the Chinese bitcoin exchange market has almost doubled that of the USA bitcoin exchange market, surging above 45,000 bitcoins.

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