Op-Ed: Is China Cracking down on Bitcoin?
Bitcoin’s price fell by more than $100 in minutes around 9 A.M. London time as the People’s Bank of China announced they have opened an “inspection” on BTC China, Huobi and OKCoin, which in combination account for 90% of bitcoin trading volume. According to Reuters: “The probe of bitcoin exchanges, including BTCC, Huobi and OKCoin, was to look into a range of possible rule violations, including market manipulation, money laundering and unauthorized financing, the People’s Bank of China (PBOC) said. It did not say if any violations had been found.” Huobi has been criticized for going....
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Just because the authorities in China are cracking down on bitcoin in China doesn't mean the Chinese population isn't interested in it anymore. Sina.com.cn - China's 4th most-popular web portal - has launched pages dedicated to bitcoin, complete with news, real-time price quotes at multiple exchanges (BTC China, Mt. Gox, OKCoin, etc), and more. Sina launched the pages in hopes of educating investors and just generally keeping them, along with others, in the know. Sometimes referred to as the "Yahoo! of China", the pages will undoubtedly be a tool of education with its widespread reach,....
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....
China’s central bank, the People’s Bank of China (PBOC), has drafted a law to legalize the digital yuan and outlaw digital currencies issued by anyone else competing with it. Meanwhile, the central bank has been cracking down on gambling sites that use the stablecoin tether. China Drafts Law to Recognize Digital Yuan The People’s Bank of China published a draft law on Friday that gives legal status to its central bank digital currency (CBDC), the digital yuan. The central bank has also begun a public consultation on the draft law; comments can be submitted through Nov.....
With the government in Beijing cracking down on their operations, Chinese miners have been on the lookout for other jurisdictions. Providing low-cost energy, Iran has emerged as a prospective destination. However, the country’s state-owned power utility has expressed concerns over a possible influx of miners and illegal imports of mining hardware from China. Tavanir Warns About Flood of Chinese Miners and Equipment Into Iran The Iran Power Generation, Distribution and Transmission Company, Tavanir, has issued a warning regarding the entry of Chinese cryptocurrency miners into Iran....
Miners in China have reportedly been struggling to pay for electricity after authorities started cracking down on OTC brokers in the country.