Published: Sat, September 16, 2017
Markets | By Noel Gibbs

RMB pulled from China's bitcoin exchanges, start-up platform ViaBTC closes

RMB pulled from China's bitcoin exchanges, start-up platform ViaBTC closes

On September 14, BTCC, one of China's biggest exchanges, announced that it is halting trade in response to a notice from Chinese regulators.

Shanghai Financial Service Office has also ordered to close down bitcoin trading platforms in the city, China Business News reported, citing an unidentified person.

China's bitcoin exchanges have received instruction that they will need to stop new user registration from today, September 15.

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RMB pulled from China's bitcoin exchanges, start-up platform ViaBTC closes

Digital currencies developed by authorities could be used for good with the right regulation, Li said.

Bitcoin is little more than a "fraud" which will eventually blow up in the faces of traders, according to JPMorgan Chase CEO Jamie Dimon. Unnamed sources told Bloomberg that Chinese regulators were told of the agenda by a "central bank-led group" considering the risks of cryptocurrency.

Bitcoin and other cryptocurrencies have been falling since the beginning of September when China's PBOC banned the issuance of new digital tokens for fundraising purposes, a relatively new phenom known as ICOs (initial coin offerings).

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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.

He went on to say that only drug dealers, murderers or if you are in Venezuela, Ecuador or North Korea, you would be better off dealing in bitcoin rather than in United States dollars.

"China is preparing to provide licensure for less than a handful of exchanges as it grapples with the meteoric increase in cryptocurrency trading, and speculation on ICOs - licensure and engagement with government will help propel this industry forward".

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BTCChina's ban, as well as warnings such as the one issued by NIFA, has driven fears that there will be a continued crackdown on Bitcoin and other cryptocurrencies, according to Fortune.

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. The cost of the bitcoin declined to 26,400 Yuan (almost to $4,029) on BTC China this week compared to 32,500 Yuan of last week. Many estimates indicate that the vast majority of trade occurs through exchanges in the country.

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