[2017-09-11] China Planning a War Against Cryptocurrency Trades

[Vladdirescu87]

A week before ago Central bank banned ICO, and now, Chinese news reports another tough decision from local authorities – to close cryptocurrency exchanges in China.

A punch in the face for cryptocurrencies

The reports about a possible war against cryptocurrency exchanges in China have driven popular cryptocurrencies down. On September 8, when local news media outlet Caixin reported about the closure of trades and exchanges between virtual currency and fiat in China, the Bitcoin price fell sharply from around $4,600 to $4,100. On September 10, Bitcoin price moved even further to $4,000.

Read the full article: https://coinidol.com/china-planning-a-war-against-cryptocurrency/

[aso118]

Rumours of action by China have been doing the rounds for some days now. After the action against ICOs, there have been no official announcements. Now rumour mongers seem to be using the name of China to strengthen their positions.

[Kemarit]

Rumours of action by China have been doing the rounds for some days now. After the action against ICOs, there have been no official announcements. Now rumour mongers seem to be using the name of China to strengthen their positions.

Even the local Chinese Exchanges said that they haven't heard anything from PBoC yet so for me they are really trying to spin the news to their advantage. It's either some big entities are really reaping the rewards by dumping their coins when the price is really high, or buying in this dip to strengthen their position. The damage has been done and totally irreversible as show by the price, we are just hovering above $41xx-$42xx. And this crypto sites are having a good time spinning the news and getting clicks to their website for instant profit. I guess everyone is really riding on the popularity on bitcoin that every news is $$$ for them.

[QueenW]

A dictatorship smells somehow ... how can one forbid a person to trade on the stock exchange ?!

[Marry Finch]

China does not plan a war against the merchants of crypto currency. This unreliable information arose because of a wrong translation from the Chinese language and the absence of public statements by the Chinese government regarding the measures implemented with the crypto currency. Ordering of the crypto-currency activity is carried out in order to get rid of possible abuses and fraud in this area. So panic is in vain. Soon everything will fall into place.

[vit05]

Beijing and Bitcoin Don’t Mix

wsj .com/articles/beijing-and-bitcoin-dont-mix-1505120133


The prices still up on Chinese Exchanges. But apparently, it is already clear that trade fiat or using a bank to buy cryptocurrency will not be more allowed until the end of this month.