Is the Chinese Government Really Cracking down on Bitcoin Trading?
True or False? The Chinese government intends to curb capital outflow by cracking down on Bitcoin trading. A couple of days ago news reports about the Chinese government’s decision to crackdown on Bitcoin trading to curb capital outflow started making rounds. The news created panic among Bitcoin traders, leading to a sudden slump in the digital currency’s price. The cryptocurrency which was trading at around $730s suddenly fell below the $700 mark. The report of China tightening its screws around Bitcoin transactions as a part of its capital control measure is a plausible story. However,....
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The Chinese central bank sets up a “coordination mechanism” with state agencies to continue battling crypto. The Chinese government is getting more serious about cracking down on the cryptocurrency industry as state authorities are bringing forces to combat crypto operations in the country.The People’s Bank of China (PBoC) officially announced on Sept. 24 a set of new measures to fight against crypto adoption in China, including promoting stronger inter-departmental coordination in cracking down crypto activity.10 Chinese state authorities, including the PBoC, the Cyberspace Administration....
Last week, Cointelegraph reported that the Indian government had planned to ban the importation of gold and impose heavy taxes on gold investors. On Dec. 1, China also restricted the importation of gold in order to prevent capital leaving the country. Over the past few months, the Chinese central bank and government have imposed heavy financial regulations for capital controls, cracking down on Wealth Management Products (WMPs), foreign investment and the transfer of money. The latest strategy implemented to prevent the devaluation of yuan is the restriction of the importation of gold. The....
Two Chinese online brokerages have set out to enter the global crypto trading market. The platforms, Tiger Brokers and Futu, are planning to offer their services only outside the People’s Republic as Beijing is once again cracking down on bitcoin trading in the country. Major Chinese Online Brokers Dive Into Crypto Trading Beijing-based Tiger Brokers and Shenzhen-headquartered Futu, China’s leading online brokerages, have unveiled plans to start offering crypto trading services, the South China Morning Post reported on Tuesday. The Nasdaq-listed companies want to compete with....
"The Chinese government is surprisingly open about the cryptocurrencies", says Roland Sun, the head legal expert for ZAFED and the Chinese crowdfunding platform DACx. The Chinese government has maintained a lenient stance on Bitcoin and other cyrptocurrencies. While Hong Kong lawmakers used the MyCoin debacle to demand a ban on the digital currencies, the government refused to shut down Bitcoin shops and continues to allow spot, futures and derivatives trading on Bitcoin and like currencies on numerous exchanges. The regulatory authorities are much more relaxed in China than their....
Caixin is a respected Chinese financial news source. Bitcoin prices have dropped nearly 10% across all Bitcoin exchanges, with the bulk of the action understandably located on Chinese Bitcoin Exchanges. A few hours ago, Caixin published a Chinese article claiming that the PBOC has met with commercial banks and third party payment processors, in particular those that do, or have done, business with Chinese Bitcoin Exchanges to remind them of the PBOC's stance. This Caixin article is written by a different author than the last Caixin article that was commented on in Western media (which....