Chinese bitcoin exchange ends trading

Maison du Bitcoin in Paris France

Reserve Bank's executive chairman Sudarshan Sen on Wednesday had said the central bank is not comfortable with non-fiat cryptocurrencies like the Bitcoin.

However, not everyone feels that this is the end for Bitcoin exchanges in China.

"The Chinese government might have felt that their softly-softly approach earlier in the year was too light touched and might be looking to make a sterner reproach this time", said Charles Hayter, CEO of CryptoCompare, a digital currency comparison website. Bloomberg is now reporting that exchanges will be banned by the end of the month.

Chinese regulators have shut down bitcoin exchanges, leaving the future of digital currencies in China up in the air and sending the price of bitcoin and ether tumbling. It has immediately stopped accepting new accounts and will spend the next two weeks preparing to close completely. Starting now, exchanges will gradually be discontinuing pairings of digital assets against RMB. The dip is largely due to the actions of one exchange that kicked off a panic sell, and not a fundamental flaw in the currency itself.

"All trading exchanges must by midnight of September 15 publish a notice to make clear when they will stop all cryptocurrency trading and announce a stop to new user registrations", the government notice said. The article did not name any sources, and at the time the three exchanges said that they had received no such orders.

Bitcoin surged in popularity in China previous year as its price rose. They seem to offer equal amounts of undisguised hostility toward cryptocurrencies and token sales, paired with a great deal of ambiguity as to where traders can continue to do business, and what happens to existing operations and registrations. Beijing started early in 2017 to tighten the grip on bitcoin selling platforms by limiting payments.

Paris awarded 2024 Olympics, Los Angeles to host 2028 Games
In 1921, the IOC awarded the 1924 Games to Paris and the 1928 Olympics to Amsterdam, according to Olympic historian Bill Mallon. It will be the third time that the Olympics will be staged in both LA and Paris.

Regardless, such an all-encompassing pronouncement has led to a spectacular drop in the price of Bitcoin, losing 35% of its value, from a late-summer high of $5000 to around $3400 as of September 14.

Interestingly, the markets have responded quickly to the new developments. Markets like Japan, Korea and the USA have emerged to account for the lion's share of global trading volumes, so the impact of this China ban is not as severe as it initially may seem.

What's more, Chinese bitcoin markets account for approximately 98 percent of total bitcoin trading volume worldwide.

But foreigners can still use its services in overseas markets, Shanghai-based BTCC said in a statement.

The price also came under pressure after JP Morgan boss Jamie Dimon called bitcoin a fraud, and promised to fire staff dealing the digital money for being "stupid" and "dangerous".

Related News:



Most liked

Slender Man stabbing victim says defendant obsessed
Because of the plea, jurors on Friday were examining only whether she was legally responsible because of mental illness. Weier, now 15, pleaded guilty to attempted second-degree intentional homicide in a deal with prosecutors in August.

Equifax Data Breach Exposes Information of Millions
It can be a pain because you'll have to unfreeze it every time someone needs to run a credit check on you or if you need a loan. First things first, head to the Equifax Security 2017 page to make sure you're a victim.

Top cop: London metro station terror incident caused by bomb
The station was closed, as well as an entire section of the District Line , and police urged people to stay away from the area. British Prime Minister Theresa May condemned the " cowardly " attack, which she said had "intended to cause significant harm".

At least 24 people, mostly teen boys, killed in Malaysian school fire
The pupils were also unable to escape through the windows. 'There were only eight of us who managed to escape through the window. He said it was the worst fire incident in the past two decades and they are trying to establish the cause of the incident.

Sampha's Process wins the Mercury Prize
The singer/songwriter said he "felt like I'm dreaming" as he was announced as this year's recipient. The inaugural prize in 1992 was awarded to Primal Scream, for their album " Screamadelica ".

NK nuclear test shows progress in increasing weapons yield: 38 North
North Korea also uses trusted agents and third party companies located in other countries to facilitate prohibited trade. He said in an interview on Fox News: "I've worked on an executive order that's ready if the president wants to use it".

Netflix's 'Last Chance U' star arrested on murder charges
In 2015, Patrick sat out the entire season due to academic ineligibility, and then suffered a torn ACL in the following offseason. As of a few weeks ago he was no longer part of their football program and no longer enrolled at the school.

Member of Vote Fraud Panel Wanted to Exclude Democrats
That suggestion generated some tough questioning from commission members, including Maine Secretary of State Matthew Dunlap. The Presidential Advisory Commission on Election Integrity has spurred controversy since it was established in May.

Mnuchin asked to use government jet for honeymoon
A key topic of discussion is Trumps push for Congress to send him a bill to cut taxes for corporations and individuals. Government paid for our honeymoon or personal travel? Lol".

Shinzo Abe and Narendra Modi conduct road show in Ahmedabad
PM Modi , Japanese PM Shinzo Abe & his wife Akie Abe at "Sidi Saiyyid Ni Jaali ", the famous 16th century mosque in Ahmedabad . The most important ones are that yesterday ie PM Modi and Shinzo Abe are laying the foundation of the bullet train project.

Rebel Wilson Awarded Record €3m In Australian Court
This followed what Wilson described as a "long and hard court battle" that found the defendant, Bauer Media , guilty. In February 2016 , Wilson opened up about the reports during an appearance on ABC's Australia show Home Delivery .

A few showers through Friday as the remnants of Irma pass through
One of those disturbances will move into the Carolinas late today , so I anticipate a few afternoon and evening showers. Despite a fair amount of clouds each day, we should manage to see some occasional sun through the rest of the week.

4 iOS 11 features that will be genuinely useful
The entire installation process won't take that long given you followed the entire process exactly as outlined above. You may have to select it from multiple devices if you have used Cydia Impactor with another iPhone or iPad before.

Strong and blustery winds set to batter the country tomorrow
Temperatures will dip below average for the time of year with highs of just 19C (66.2F) in the south and 15C (59F) elsewhere. Heavy rain is expected later on Tuesday and early on Wednesday across parts of Northern Ireland and southern Scotland.

David Johnson could need wrist surgery, visiting with specialists
Coach Bill O'Brien benched Tom Savage for rookie Deshaun Watson at halftime of Houston's 29-7 loss to the Jaguars on Sunday. Although it's by no means a ideal solution, David Johnson's production in Arizona would have been impossible to replicate.