Bitcoin exchanges in China await clarification of shutdown talk

China might be banning Bitcoin exchanges

"I would assume that if China shuts down trading on continuous order books of the large exchanges, the price would drop below $4,000, or the price of the U.S. dollar price of bitcoin would catch up to where it's trading equivalently in China, " he said. Trading their yuan in for Bitcoin can allow Chinese investors to move funds outside of the country.

It's important to note that the potential regulations will make it hard for new users to start trading, but won't have a huge impact on existing Bitcoin owners.

China's largest bitcoin exchanges are awaiting clarification from the government following more media reports that Beijing is planning to ban trading of virtual currencies on domestic exchanges, but markets were largely subdued on Monday.

The Central Bank has not issued an official statement on the matter, but Bloomberg and the Wall Street Journal verified Caixin's report via their own sources. In fact, about a week ago, Bitcoin even briefly passed the $5,000 mark, quickly thereafter dropping to around $4,700. But, in contrary, bitcoin has recovered to over $4,200 today, with the Chinese bitcoin exchange market demonstrating high trading volumes and United States investors moving bitcoin price upwards. The three companies reassured their clients that they have not received any directives from PBoC and that they are willing to comply with any requests from the Chinese government and its financial regulators.

Chinese outlet Caixin first reported the ban on Friday.




Over the past year Bitcoin has soared in value, largely due to its popularity in China, one of the world hubs of Bitcoin mining and trading.

The bigger risk for global bitcoin traders may be the massive rally in prices, according to McFarland. The central government's office overseeing internet financial risks has ordered local authorities to shut down virtual exchanges trading digital currencies with the yuan, a source close to the office told Caixin.

The news was initially taken as a disallowance of trading between virtual currencies and legal tender in China.... however, it was further revealed that the intent is to target unauthorized trading at any of the virtual currencies.

Featured image from Shutterstock.

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