[2016-04-22] China Tightens Online Finance Regulations

[smashbtc]

China has suspended registration of new businesses with finance-related names, saying that these firms first need approvals from financial regulators. What effects will these measures have on the Chinese fintech competitive space?

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[odolvlobo]

Here is the part mentioning Bitcoin:

In 2013, during Bitcoin's bull run, the Chinese regulators had implemented multiple measures including  banning third party payment processors from doing business with bitcoin exchanges and barring financial institutions from processing bitcoins.

The measures had the desired effect, resulting in a cooling down of bitcoin's price.

[BellaBitBit]

I can see some of this due to the statement about investors losing a lot of money due to closures and failures of online exchanges etc but it seems it would be very difficult to control online fintech businesses. If there is a global demand it somewhat overrides local issues.