"This will definitely slow the development of cryptocurrencies in China".
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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. China accounts for about 23 per cent of bitcoin trades and is also home to numerous world's biggest bitcoin miners, who confirm transactions in the digital currency. While existing users will likely still trade, according to Zhou Shuoji, a founding partner at FBG Capital interviewed by Bloomberg, it will make it more hard for new users to start trading Bitcoin-thereby limiting Bitcoin's potential growth.
The bitcoin and ethereum prices were hit hard over the weekend as there were reports from China that said that the regulators were about to go after the bitcoin exchanges next and ban them totally within the next few days. "Old users will definitely still trade, but the entry threshold for new users is now very high".
Bloomberg has reported that according to insiders, the ban will only apply to trading of cryptocurrencies on exchanges while there don't seem to be an urgency is stopping over-the-counter transactions.
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"There has been a general tightening of the screws on regulating financial and monetary conditions", said Mr Mark McFarland, chief economist at Union Bancaire Privee.
Chinese financial officials said a year ago they plan to crack down on cryptocurrencies because Bitcoin and other virtual currencies were often used to finance terrorist groups and launder money out of the country. The Chinese bitcoin exchanges have also confirmed that they have not received any such intimation from the authorities and this has helped the bitcoin prices to bounce again from the $4000 region for the second time in a week.
Coinmama lets you buy bitcoins with your credit card or cash.
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