BEIJING (Reuters) - China's default "currency" currency will stop trading as of Sept. 30, following a much lower value after warnings from a group of lenders, Reuters said.
In recent years, China has become a breeding ground for virtual currency trading, and domestic exchanges have previously allowed users to conduct deals for free, in order to attract investors and speculators.
BTC China, a well-known platform for the trade, will stop registering new users as of Thursday, Reuters reported.
The company said it would "stop all deals on the digital trading platform from Sept. 30," noting that its decision was based on early guidance from the Chinese authorities on the risks of investing in digital currencies.
JPMorgan's chief executive, Jimmy Demon, said in a press statement that "creating" a means of fraud is beneficial to some in countries such as Venezuela, Ecuador or North Korea, and drug dealers and killers can also benefit from them. "
He added that composition is worse than "tulip flowers", referring to the "tulip madness" or "bronchial obsession" which formed one of the worst economic bubbles in the world during the seventeenth century.
These statements also led to the decline of most other digital currencies, which are considered a major competition for the healthy, often called the Atrium.