china bitcoin halt

is still on-going but this has led to the closing of smaller crypto currency exchanges. After the meeting, the authorities made it clear that they would enforce foreign exchange regulation on bitcoin, as well as anti-laundering laws. Therefore the ban on the Chinese exchanges many not have a severe effect on the global crypto currency markets as a whole. Though the rate quickly gained momentum and made up for the losses the threat is still lingering on the international markets as well, considering other countries may take cue from China. Also Read: Most Likely Disadvantages Of Paying With Bitcoins. Regional Chinese regulators were notified of the plan by a central bank-led group overseeing Internet finance risks, said the people, who asked not to be named because the information is private. One of the industry sources said the decision to resume withdrawals was made after the central bank had signaled that it was not forbidden. Huobi and OKCoin also said that they would be ceasing trading in Bitcoins by the end of October.

The Love-Hate Relationship Between China and Bitcoin. Exchange representatives and Chinese authorities met on February 8th. The dip intensified when some exchanges introduced.2 trading fee to prevent speculator trading, and it worsened further when 2 of the biggest bitcoin exchanges in the country halted cash outs. That is paradoxically forex officoel why the government in China now has to deal with its bitcoin problem, because people will always look for a way to get what they need when government forbids them from doing. This move from the government can be chalked up to the fact that the anonymity of the Bitcoin transactions poses an immediate risk to the countrys economic and security systems. The only thing that the Chinese government will succeed in doing with this attempt to curb bitcoin trading within its territory, is to test the resourcefulness and resolve of the Chinese people. The decision is most likely triggered by the recent announcement by the Chinese authorities for banning initial coin offerings (ICOs). Reporting by John Ruwitch and Brenda Goh; Additional reporting by Alexandra Harney; Editing by Muralikumar Anantharaman and Christopher Cushing.

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