Today news has surfaced that not only is China prohibiting Bitcoin exchanges from trading, it is actually clamping down hard on all Bitcoin trading. This means that not only will there be no conversion from Chinese fiat to crypto through exchanges, as we have known for a few days now, it also means that crypto-to-crypto exchanging (atleast involving Bitcoin) will be made illegal in China.
It is described in this article that I found on zerohedge.com. Read it here. Some notable quotes from the article are:
"The crackdown on the bitcoin ecosystem represents Beijing’s possibly biggest effort so far to limit expansion of a system to rival the yuan."
"A broader clampdown will likely include blocking mainland access to websites of foreign bitcoin exchanges such as Coinbase in the U.S. and Bitfinex in Hong Kong, say people familiar with the matter."
China is taking a serious approach to trying to control Bitcoin and crypto. While their influence in the markets was significant before, the recent regulatory crackdown has decreased China's trading volume in Bitcoin down to about 15%. While this news is very bad (again) for Chinese investors, it appears that the effects on the wider market will be negligible. As the article states, if the Bitcoin price survives this news unscathed, the developments are likely already priced in and significant new growth may be expected.
I'm really disappointed in ZeroHedge lately. That site is slowly turning into a garbage tabloid. That second quote with the "clampdown will likely include" line is pure speculation. There is no evidence to support such an audacious statement.
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Yup.. could be even more fud. Doesn't seem to be affecting the price much though! So no worries on my end..
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i don't think that this will again harm the economic price of bitcoin..because japan is now become the most bitcoin holders country
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I agree, maybe it is good the chinese are out. Then next year, when they get back in, they can cause us to boom even more!
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It is good to be settled , bitcoin can grow without China :) A test case for the bitcoin sustainability , dreadful would be if other countries started following China, so alarming then :)
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I agree!
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Do you think it will impact on the price again now ?
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I am not sure, I think it won't affect prices too much as most Chinese traders are already out of the game! And apparently they will remain so for a while..
I'll have a look! Thanks!
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This post has received a 2.61 % upvote from @drotto thanks to: @pandorasbox.
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This news a few days ago make the currency of Betcoin collapse a big collapse but I think it will climb again, these days. There is a great opportunity for some electronic currencies to take the ability in the currency market in terms of gradual escalation
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