Friday, 22 September 2017
Latest news
Main » China Halts All Cryptocurrency Exchanges to Curb "Risks"

China Halts All Cryptocurrency Exchanges to Curb "Risks"

12 September 2017

"This will definitely slow the development of cryptocurrencies in China".

Zhou Shuoji, a founding partner of FBG Capital, which invests in cryptocurrencies, addressed China's ban on cryptocurrency exchanges by stating, "Trading volume would definitely shrink".

On September 4, China's Central Bank banned ICOs (Initial Coin Offerings) citing that ICOs have "seriously disrupted the economic and financial order".

President Trump's DACA decision puts immigration fix in hands of Congress
This week, President Trump finally made good on his campaign promise to end DACA - Deferred Action for Childhood Arrivals . Louis Regional Chamber, which argues that Dreamers are valuable contributors to the region's workforce.

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.

Qatari emir tells Saudi crown prince ready to discuss arab powers' demands
All of those governments cut off diplomatic ties with Qatar in June, alleging Qatar supports extremists and has ties to Iran. Media outlets in Qatar and Saudi Arabia report that a phone call between the leaders of both countries has taken place.

"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.

Aaron Donald ends holdout, won't play in Rams opener
Although he has returned to the team, he will not play in the season opener on Sunday afternoon against the Indianapolis Colts . However, Donald would like a long-term contract to reflect his consistent dominance.

China Halts All Cryptocurrency Exchanges to Curb