Site investigation conducted to the top 3 Chinese Bitcoin exchange

[Gleb Gamow]

Wasn't China coming up with a digital fiat? They can benefit from a big dump if they intend to buy a lot of bitcoins (like some banks and companies are doing now). On second thought, that would be bad for them, people might lose their trust on the crypto. Maybe they are really just going after what they see as tax evasion. True China is a dictatorship, a communist country only in name but let us not forget that some of those money really could have been earned illegally.

For example, the Chinese are heavily involved in the drug trade in Asia. Drug manufacturing and trade itself is punishable by death in China so they manufacture those drugs in other countries instead, for example the Philippines. Drugs for the Chinese market are carried by Filipino mules but portion of the goods are also sold locally. Now if I'm a drug manufacturer in the Philippines, how would I send the money back to my boss in China?

By helicopter comes first to mind.

[Wind_FURY]

Chinese government is fucking stupid, they afraid people make money from bitcoin-FREEDOM. They are dictatorship country, shame on them, every big pump is destroyed by those morons.

Who are you to say they are stupid? Before you say things like that, let us know what country are you from? Let us see if your government is not also stupid.

About the news, PBOC in investigating market manipulation is good news. I hope it discourages their exploitation of the Bitcoin market. A lot of people have already lost a lot of money in trading BTC.

[funcaty]

Calm, even if China banned bitcoin, bitcoin will rise to $10000 a day. Moreover, it is absolutely impossible for China to ban bitcoin, then there may be regulatory policies in China, after all, the body has been bigger than the size of the currency. Regulatory policies sooner or later.

[KennyR]

It doesn't look like an legal form of investment to check the legitimacy and the process of all the services provided through those exchange websites. This is just an initiation to give a panic to all its users within the country. As most people using were from china, the impact got felt through the price.

[Mometaskers]

Wasn't China coming up with a digital fiat? They can benefit from a big dump if they intend to buy a lot of bitcoins (like some banks and companies are doing now). On second thought, that would be bad for them, people might lose their trust on the crypto. Maybe they are really just going after what they see as tax evasion. True China is a dictatorship, a communist country only in name but let us not forget that some of those money really could have been earned illegally.

For example, the Chinese are heavily involved in the drug trade in Asia. Drug manufacturing and trade itself is punishable by death in China so they manufacture those drugs in other countries instead, for example the Philippines. Drugs for the Chinese market are carried by Filipino mules but portion of the goods are also sold locally. Now if I'm a drug manufacturer in the Philippines, how would I send the money back to my boss in China?

By helicopter comes first to mind.

Load cash into helicopter? They might find to their horror that the president is also inside, LOL.

[Rooster101]

China really hate any currency that they can't control so they are creating their own virtual fiat to counter the bitcoin growing popularity in their country. These investigations they are currently taking might part of a plan to regulate or ban bitcoin to ensure the success of soon to be launch virtual currency under the management of China's central bank.

[notbatman]

Cleaning out all the scammers can only be good for the BTC ecosystem IMO.

[the rise]

Calm, even if China banned bitcoin, bitcoin will rise to $10000 a day. Moreover, it is absolutely impossible for China to ban bitcoin, then there may be regulatory policies in China, after all, the body has been bigger than the size of the currency. Regulatory policies sooner or later.

I guess all doubts about fake volume will disappear now. Will be interesting to see what kind of problems these exchanges will have if they do fake volumes and if authorities have proof on that.

It is a strong signal that China’s government wants to regulate the market.

This might be a big issue in the coming months.

I believe this is only their biggest reason for some cases that occurred this month. Highly unlikely to impede circulation of bitcoin in china, because this is already world market level. Those who will lose if until one steps in its policy. In addition to the investigation of regulation, China intend to own coins that have been approved, and involves local exchange market. So there is no more space for the scammers to cheat system.

This will affect to bitcoin movement, but it will not be long.