Thursday, 23 November, 2017

China To Close Its Domestic Crypto Exchanges

China might be banning Bitcoin exchanges Bitcoin Price Takes a Tumble Amid Rumors of China Banning Cryptocurrency Trading
Heather Davidson | 12 September, 2017, 00:40

China is home to vast and lucrative cryptocurrency mining operations for both Bitcoin, Ethereum, and other cryptocoins.

A draft of instructions to ban Chinese platforms from offering virtual currency trading to customers has been created by the country's central bank after the government spent months scrutinizing the cryptocurrency market.

Last week, the Communist government told organisations and individuals that they were banned from raising funds through initial coin offer activities, and that financial firms such as banks were to refrain from any unauthorised fundraising activity.

On Monday, Bloomberg followed up with a report that China would ban the trading of virtual currencies on domestic exchanges, but permit over-the-counter transactions. The nation is taking aggressive action to regulate Bitcoin and protect itself from a potential cryptocurrency bubble.

Until now, about a ¼ of all Bitcoin trades were processed in China, but new legislation, if accepted, may change that situation.

One person close to officials of China's central bank and various cybersecurity bodies said that "too much disorder was naturally a basic reason" for the ban.

"Trading volume would definitely shrink", said Zhou Shuoji, Beijing-based founding partner at FBG Capital, which invests in cryptocurrencies.

"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. The Chinese bitcoin exchanges have also confirmed that they have not received any such intimation from the authorities and this has helped the bitcoin prices to bounce again from the $4000 region for the second time in a week.

China's influence on global markets is not restricted to just traditional currencies, with the country's biggest exchanges accounting for a fifth of all transactions over the course of the past month. The country's three largest exchanges, OKCoin, BTC China and Huobi, which together account for 60% of Chinese Bitcoin trading, have all suspended trading on their exchanges.

Coinmama lets you buy bitcoins with your credit card or cash.

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