Chinese authorities have recently demand the suspension of the whole
cryptocurrency system in this country, meanwhile strengthening the control over risks related to digital currency.
China is one of the largest
Bitcoin markets in the world with 90% of the global transaction volume. By tightening the relevant regulations, Chinese market share has dropped sharply to below 30%.
The authorities responsible for overseeing the financial risks of the State Council (the Government) have asked all local regulators to close all cryptocurrency trading exchanges related to Yuan.
The ban will adversely affect three large bitcoin systems in China, including OKCoin, Huobi and
BTC China. Bitcoin exchange rate on Huobi and BTC China has plunged by 20% to 23,000 Yuan (about 3,550 USD) on September 08th.
Rothscointeam.