China declares war on bitcoin by anis33

bitcoin · @anis33 · Sep 19 '17

$0.99

China declares war on bitcoin

ECONOMY Beijing ordered the closure of the platforms where the virtual currency

![bitcoin-chinese-flag-1-800x500_c.jpg](https://steemitimages.com/DQmUmuihNkhPxmeWTpMog84xNTRA7tyddrr2X9QwyoShxnm/bitcoin-chinese-flag-1-800x500_c.jpg)
picture source :https://goo.gl/images/XZCjBi

The bitcoin seems to live its last days in China. Banking regulators in Beijing and Shanghai have ordered the closure of the platforms where the cryptographic currencies are exchanged, according to a state media Tuesday.

The Chinese Central Bank (PBOC) in Beijing has summoned the platforms of "virtual currencies" based in the capital to present by September 20 "their detailed plans to exit the market" of electronic currencies, reported the New China agency. Shanghai-based regulators have taken similar steps, she said, citing "combating financial risks".
Resume control
Indeed, several major Chinese platforms had announced in recent days that they were preparing to interrupt their exchanges, and this at the end of September in the case of BTC China.
Beijing intends to regain control of the explosion of cryptomonas, these units created using blockchain technology and which trade online without being regulated by any country.
The cryptographic exchange platforms "have no legal basis," warned the National Internet Finance Association (NIFA), accusing "virtual currencies" of being "the instrument of criminal activity" "Drug trafficking and money-laundering". The next day, the Shanghai platform BTC China announced to interrupt all the exchanges on its site to the 30 of September. Huobi and OKCoin, two other large Chinese platforms, followed suit on Friday.
Fall of 30%
Bitcoin exchanges in China reflect investors' confusion: on BTC China, the bitcoin traded at 24,900 yuan, dropping more than 20% from a peak to 32,500 yuan on September 2. The volume of trade collapsed. Similarly, the debacle did not spare the bitcoin in dollars, which dropped up to about 30% in the first half of September.
Chinese regulatory tightening tends to make the cup drink at world prices as the two main platforms operating in yuan (BTC China and Okcoin) accounted for about 22% of world trade in bitcoins at the beginning of September.
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