China To Close Its Domestic Crypto Exchanges

12 September, 2017, 00:39 | Author: Valerie Burke
  • China might be banning Bitcoin exchanges

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. While existing users will likely still trade, according to Zhou Shuoji, a founding partner at FBG Capital interviewed by Bloomberg, it will make it more hard for new users to start trading Bitcoin-thereby limiting Bitcoin's potential growth.

China is the world's biggest cryptocurrency market, hence the ban on cryptocurrency exchanges and ICOs comes as a shock.

China's central bank, working with other regulators, has drafted instructions banning Chinese platforms from providing virtual currency trading services, according to people familiar with the matter.

Bitcoin has jumped about 600 per cent in USA dollar terms over the past year, part of a broad surge in virtual currencies that has fuelled concerns of a bubble.

"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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The need for clarification follows yesterday's report that China plans to shut local Bitcoin exchanges that Greg posted here and which resulted in prices tumbling.

China's largest bitcoin exchanges are still awaiting clarification from the government following more media reports that Beijing is planning to ban trading of virtual currencies on domestic exchanges, but markets were largely subdued on Monday. The process is fast and easy with convenient and advanced trading platform (desktop and mobile), low spreads and instant execution.

China is home to vast and lucrative cryptocurrency mining operations for both Bitcoin, Ethereum, and other cryptocoins. Unfortunately for Bitcoin, the Chinese government is not a fan of cryptocurrencies, which are mostly traded by Chinese citizens who are hedging against falls in the yuan.

The daily trading volume of the Chinese bitcoin exchange market has almost doubled that of the United States bitcoin exchange market, surging above 45,000 bitcoins. Buying Bitcoin was a way to bypass those rules. "So you will get quite substantial pullbacks at some point".

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