Bitcoin China to cease digital assets trading

Jon Howard
September 16, 2017

1/ After carefully considering the announcement published by Chinese regulators on 09/04, BTCChina Exchange will stop all trading on 09/30.

The value of bitcoin has dropped as much as 27% since September 7. This morning, BTCC tweeted that it had chose to halt trading on its BTCChina Exchange. But the digital currency has suffered huge security breaches in the past and its exchange rate can rise or fall rapidly.

The CEO of JPMorgan Chase Jamie Dimon has denounced the bitcoin cryptocurrency as a fraud, bound to fail. He said that litecoin was dominated by Chinese investors. I've heard the argument that China is not closing the exchanges permanently, but suspending them until tighter oversight is implemented.

If OKCoin and Huobi do really suspend trading on their high-volume exchanges, they will join the BTCC, which announced the suspension of its exchange scheduled at September 30.

Following China's ban on initial coin offerings of cryptocurrencies, the Asian country looks set to ban all digital currencies by the end of September. After all, China has been one of the largest presences in the cryptocurrency community for some time: it is home to about a third of all initial coin offerings, and its miners produce a hefty sum of new tokens every day.

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Bitcoin prices topped $5,013 earlier this month but were trading at around $3,600 early Thursday, down more than 28 percent from their peak.

The decision by China to tighten up on other crypto-currencies including bitcoin has sent a chill through the virtual currency markets of the world, a symbol of the supremacy of the investors of the country in the trades. On Thursday, BTC China tweeted that it will cease operations at the end of the month as the Chinese government ramps up its crackdown on cryptocurrencies. In fact, leaked documents obtained by Reuters show that the Chinese government is ordering cryptocurrency exchanges to close.

The Chinese central bank's announcement last week meant that Chinese firms would no longer be able to issue electronic currency units to raise funds.

Crypto to crypto trading will still be allowed and exchanges, for now, if they choose, can carry on business without uncertainty on the RMB issue.

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