BEIJINGChinese authorities plan to shut down domestic bitcoin exchanges, delivering a final blow to a once-thriving industry of commercial trading for virtual currencies, which took off inside the mainland four years ago.
The country’s central bank has led a draft of instructions that would ban Chinese platforms from providing virtual currency trading services, according to people familiar with the matter. The move comes after months of scrutiny by Beijing, including a ban last week in China on initial coin offerings, a kind of fundraising via virtual currencies.
RELATED
Heard on the Street: Beijing and Bitcoin Don’t Mix
Regulators in China have been investigating the domestic market for bitcoin and other virtual currencies since the beginning of the year. For a while, officials considered enacting antimoney-laundering rules on exchanges, even circulating a draft of such rules for them to follow.
But the stakes for Beijing grew as prices of virtual currencies like bitcoin soared, adding to the risk of further speculation by domestic investors. Analysts and investors say one reason bitcoin prices rose last year was that Chinese people began using the asset as a way to bet that the value of the yuan would fall. Virtual currencies in theory can allow holders to bypass the traditional banking system to move money outside of China’s capital-controlled borders.
The People’s Bank of China didn’t respond to a request for comment.
good riddance
>>3427555
https://www.bloomberg.com/news/articles/2017-09-11/china-is-said-to-ban-bitcoin-exchanges-while-allowing-otc-trades-j7fofh20
>>3427555
How many bitbeans to smash a chav?
>>3427555
These girls aren't asian.
0x will moon screencap this
>>3427597
wat do>>?
Once the Chinese exchanges are all gone, what happens when the government start targeting the large mining operations?
>>3427555
>this gets posted over and over yet no source is ever presented
don't you get tired, faggot?
>>3427635
Literally only anon who doesn't have the source.
>>3427635
sorry I'm autistic and blind
Every fucking time
they like to manipulate currency ....
https://www.dailyfx.com/forex/market_alert/2017/09/11/Bitcoin-Ethereum-Prices-Stabilize-as-Chinese-Yuan-Trade-Continues.html