China will NOT shut down exchanges, per new report.

[HashFace]

This says China has called Bitcoin exchanges illegal, but instead of shutting them down, will initiate a licensing program.  That is great news If true, but there are too many conflicting stories going around.

https://themerkle.com/chinese-bitcoin-exchanges-will-likely-not-be-banned-after-all/

[Prince8]

either way: hodl

[terrific]

This says China has called Bitcoin exchanges illegal, but instead of shutting them down, will initiate a licensing program.  That is great news If true, but there are too many conflicting stories going around.

https://themerkle.com/chinese-bitcoin-exchanges-will-likely-not-be-banned-after-all/

I knew it that China isn't going to let those businesses (local exchanges) shut down as there will be a big taxation that can get from those. Chinese just want to show on how powerful they are in different markets and economy. And next will be the licensing of ICO's so there will be no more ban and the whole crypto currency will be healthy again.

[alyssa85]

Well - BTCC has announced it is closing at the end of September, saying this is in response to the new PBOC rules:

https://twitter.com/YourBTCC/status/908285586368167936

So Chinese exchanges ARE shutting down - the question is how many will go, and whether any will be allowed to continue to trade.

[cellard]

This says China has called Bitcoin exchanges illegal, but instead of shutting them down, will initiate a licensing program.  That is great news If true, but there are too many conflicting stories going around.

https://themerkle.com/chinese-bitcoin-exchanges-will-likely-not-be-banned-after-all/

There's a more recent tweet than that article by BTCC exchange that says they are closing on 30th of september:

https://twitter.com/YourBTCC/status/908285586368167936

I guess this is why the market is panicking. Well, looks like it's finally happening, at least BTCC is closing on its own. Hopefully the market absorbs the news and realizes how it's not the end of the world. We don't need communist china to make Bitcoin go to the moon so who cares. Oh and rich chinese oligarchs will continue buying BTC OTC, don't doubt that.

[Irdina]

Yes I heard the news that,
Chinese Govt asked the btc exchanges to close themselves before September 30.
Looks like they will later allow to reopen them after doing necessary regulations as they found that crypto currency is being used for illegal purposes.

[BITMIXCOIN.IO]

I hope they will find a solution soon, because bitcoin price is dropping down drastically.

[nightwishx]

I think it is a scenario that has been set by the Chinese government to control cryptocurrency in China. I'm still not sure that they really do that.