RMB pulled from China's bitcoin exchanges, start-up platform ViaBTC closes

17 September, 2017, 01:09 | Author: Chad Mckenzie
  • Bitcoin China to cease digital assets trading        
                  by          GBTIMES Beijing          Sep 15 2017 09:32          TRADE

Chinese news reports that two of the country's largest exchanges have been given an extra month to operate domestically.

Bitcoin captivated the attention of financial markets this summer as the developer community embraced a new mechanism to improve usage and avoided what was labeled as a potential civil war, raising the profile of the digital ledger and fueling the speculative price rise. Beyond that, according to The Verge, three of China's main exchanges made up almost half of all of the global market share for the trailing 30 day period up to the announcement. Registration for new users was stopped immediately. Starting now, exchanges will gradually be discontinuing pairings of digital assets against RMB.

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By the end of September 15, the platforms must make closure announcements and by September 20 they must establish bank accounts to deposit user funds.

The country's regulators have reportedly issued an order to all local cryptocurrency exchanges to halt new user registration by midnight on September 15 and publicly notify users when they'll formally close. The Bitcoin-to-US dollar exchange rate fell to a bottom of $2,980 from $4,690, and then recovered to $3,650. While many developed countries in the West and Asia allow digital currencies to be accepted as payments and have rules about taxation of gains, some emerging countries view them as an illegal form of payment.

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Predictions for an eventual resumption haven't done much to comfort bitcoin traders. The price of bitcoins regained some ground on early Friday morning, when the rate climbed $124, or 3.8 percent.

Some sources stick to the view that BTCC's decision to stop trading has nothing to do with the rumors regarding exchanges being shut down. The restrictions will reportedly only apply to trading on exchanges, not over-the-counter transactions.

There will be definite rearrangement if United States quit nuclear deal: Iran
There's also another possibility: that the Trump administration will continue to waive sanctions against Iran, and then decertify. With assistance from Jonathan Tirone Helene Fouquet Thomas Penny Katharina Rosskopf and Kambiz Foroohar .

Interestingly, the markets have responded quickly to the new developments. Chinese regulators also chose to close domestic trading cryptocurrency platforms, Caixin reported, citing unidentified people close to the nation's internet financial risk prevention team. Furthermore, its Blockchain+ trading platform will open up bitcoin cash (BCC, BCH) withdrawals before Sunday, September 24. Jamie Dimon, the current CEO of JPMorgan Chase, recently stated that he believes Bitcoin "is a fraud" and that it would all eventually come crashing down.

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