renegadebusdallas.com
renegadebusdallas.com September 21, 2017


China cracks down hard on Bitcoin exchanges

12 September 2017, 12:40 | Lionel James

Bitcoin Price Takes a Tumble Amid Rumors of China Banning Cryptocurrency Trading

China might be banning Bitcoin exchanges

China's thriving cryptocurrency market has now begun to go underground as more and more individuals have opted to send virtual currencies to each other using private addresses.

This week's ban will reportedly apply to trading cryptocurrencies on exchanges, but won't stop over-the-counter transactions.

Since the beginning of this year, Chinese regulators have been investigating the country's domestic market for bitcoin and other virtual currencies.

BTC China, the second-largest exchange, has responded to the crackdown with its own statement. China accounts for about 23 per cent of bitcoin trades and is also home to numerous world's biggest bitcoin miners, who confirm transactions in the digital currency.

"Trading volume would definitely shrink", said Mr Zhou Shuojifounding partner at FBG Capital, which invests in cryptocurrencies.

BDO to advise on potential Bell Pottinger sale
The public relations trade body described Bell Pottinger's work for the South African based Gupta family as "reprehensible". Bell Pottinger has been at the centre of a storm since the #GuptaLeaks emerged.

While bitcoin users will still be able to trade cryptocurrencies in China without exchanges, the process is likely to be slower and come with increased credit risk, analysts said. "Old users will definitely still trade, but the entry threshold for new users is now very high".

A notice from the Banking Regulatory Committee led by the People's Bank of China announced on September 4 an immediate ban on ICOs. With China being such a huge country, and one of the biggest Bitcoin miners in the world, it's no wonder that the price dropped significantly. Bitcoin's growing popularity in China may have caused the government to begin to perceive it as a threat to local currency, especially as Chinese investors bought up bitcoin and bet against the yuan past year.

"There has been a general tightening of the screw on regulating financial and monetary conditions", said Mark McFarland, chief economist at Union Bancaire Privee SA HK in Hong Kong.

Within a period of three days, bitcoin experienced two minor corrections, pulling back the upward momentum and strong rally it had maintained for a few weeks.

Leading bitcoin exchanges in China such as OKCoin, BTCC and Huobi have expressed their skepticism toward the initial report of a bitcoin exchange ban, because they have strictly complied with every request and regulation established by PBoC and local financial regulators.



Other News

Trending Now

Forecasters: Jose, Katia now hurricanes
It is expected to make landfall in Mexico as a Category 2 hurricane, according to the National Weather service. A hurricane in the North Atlantic is considered "major" if wind speeds exceed 110 miles per hour (177 kph).

Tripura polls: BJP reaches out to tribal parties to fight CPM
He further criticised Odisha Chief Minister Naveen Patnaik for celebrating his best administrator award given by news magazine. The BJP blames the Trinamool Congress government, and Chief Minister Mamata Banerjee for this.

Storm Katia rapidly weakens after making landfall in Mexico
People cover the windows of their property ahead of Hurricane Katia , in Vega de Alatorre, Mexico September 8, 2017. According to meteorologists, Hurricane Katia will cause serious damage in the center-north of the state of Veracruz.

Detroit Lions roll in 4th quarter to beat Arizona Cardinals, 35-23
Stafford's pick came two plays after Cardinals quarterback Carson Palmer threw an equally ugly interception. When he high-points a ball like that, there's nothing a defensive back can do.

Sitharaman gets Defence, Goyal made Railways Minister
According to the reports, Piyush Goyal is slated to be the next railways minister. Prabhu had offered to quit on August 23 after back-to-back train derailments.

Relocation now or referral to the EU Court - Avramopoulos
Avramopoulos said the ECJ's decision is encouraging and that he hoped to reach a final compromise by the end of the year. However, at the moment were allocated only about 25 thousand people.

Liverpool Starlet Ben Woodburn Provides Brilliant Assist in Wales Win
And he wanted to make sure he could one day fill his boots for the Dragons and not slip away back across the border. That said, Moldova had come close to a rare victory in the two games preceding their match with Serbia .

Manchester City threaten legal action against Tebas
Manchester City say they are taking legal advice over the La Liga president's "ill-informed" criticism of their transfer spending. La Liga president Javier Tebas has challenged UEFA to carry out investigations over PSG and Manchester City's transfer dealings.

Watch NASCAR from Richmond online
From the start of the weekend, tension was up, as a must-win scenario to make the playoffs was in store for Earnhardt. Earnhardt had said Friday he hadn't allowed himself to think much about a fairy-tale ending to the season.

Trump addresses USA state governors about Hurricane Erma
Trump invited members of the Cabinet and their spouses to Camp David for the weekend, the White House said. Trump himself: "Our mission here is, "Where ever Irma goes, we'll be there first.