15:36China prohibits trade in bitcoins
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China prohibits trade in bitcoins
The Chinese authorities are going to close the bitcoin exchanges. The local central bank has already prepared instructions. The sharp rise in bitcoins increased the risk of cryptocurrency speculation in the country, which was the reason for the ban. Some exchangers have already gone underground, they can not control their powers.
Closing of the exchange
Chinese regulators have been studying the country's cryptocurrency market since the beginning of the year, the newspaper reported, and for some time the authorities have been thinking about introducing rules aimed at preventing money laundering. As the source of the Wall Street Journal notes, the decision to close the stock exchange was made because of “too much confusion” in this area.
Huobi and BTCC, the largest Chinese bitcoin exchanges, said that regulators had not yet asked them to close even amid growing speculation. “We are still awaiting official notification from regulators. This is a very busy period, ”said Bobby Lee, executive director of BTCC. The exchange of Huobi and OKCoin does not comment on the situation.
Implications of the decision
According to the official position of the Central Bank, from that day all ICOs in the country began to be considered illegal. The regulator intends to severely punish such violations in the future. At the same time, he threatened the legal consequences for the already completed ICO. Despite the strict ICO ban, the relevant statement of the Central Bank of China does not mention existing cryptocurrencies, such as Ether (Ethereum) or Bitcoin.
The cryptocurrency market met the news of the ban on ICO in China extremely negative. Bitcoin, according to Coindesk, fell by 5% at the auction, and the broadcast has lost 15% of the price.
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