Chinese Central Bank Warns Bitcoin Exchanges, Again
In a public announcement today, the People’s Bank of China (PBOC) has revealed its warning toward 9 local bitcoin exchanges operating in the country. Reports of a ‘closed-doors’ meeting surfaced yesterday, one wherein the PBOC was said to have met with representatives of Chinese bitcoin exchanges. While details were scarce at the time, the Beijing branch of China’s central bank has shed further light into the private meeting and its participants. Having previously inspected and conducted on-site checks of Beijing-based exchanges Huobi and OkCoin, PBOC Beijing revealed that similar talks....
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A senior Chinese central bank official who leads the department investigating bitcoin exchanges has revealed telling insights into authorities’ current stance on the bitcoin industry in China. Since the turn of the year, the People’s Bank of China (PBOC) has taken a notable interest in the local bitcoin industry. The bank’s officials have spoken to representatives from the big Chinese exchanges, conducted ‘on-site inspections’ of these exchanges and have wielded their authority to force the industry into making a handful of notable changes. Putting an end to zero-fee trading and margin....
Bitcoin, which sustained an optimistic price rally over the past week, substantially declined in value within the last 24 hours, plummeting by 21 percent after the Chinese government issued a warning to Bitcoin users against potential risks. On Jan. 5, the People's Bank of China (PBOC) released a statement to emphasize their stance on Bitcoin reiterating that the government of China does not consider Bitcoin to be a currency. However, the central bank of China highlighted that Bitcoin is still a virtual currency or a virtual “good,” which is legally traded and used within the country.....
Another financial authority is coming forth in what is becoming a long list of central banks to issue warnings on the use of the bitcoin digital currency. This time around it's the Deutsche Bundesbank, which as previously mentioned, is the central bank of the Federal Republic of Germany. Carl-Ludwig Thiele, one of the bank's board members, warns that bitcoin is highly speculative and extremely volatile. Both are sentiments that have been echoed by other central banks who have already issued warnings. Thiele reportedly says bitcoin is a "niche phenomenon", despite its explosion into the....
The Central Bank of Sri Lanka has published a warning notice about the risks associated with cryptocurrency as interest and trading volumes of bitcoin and other cryptocurrencies surge locally and globally. Sri Lanka’s Central Bank Warns About Bitcoin The Central Bank of Sri Lanka has published a notice regarding cryptocurrency. “Considering the recent inquiries on virtual currency usage in the international and domestic markets, the Central Bank of Sri Lanka (CBSL) wishes to inform the public of the risks associated with investing in virtual currencies,” the notice....
Recently, the Chinese government and the People’s Bank of China offered reasonable suggestions to Bitcoin exchanges and users, discouraging fake volumes and offline scam-like promotions while asking users to maintain responsibility for their independent actions. But some media outlets, mostly western-based, used the events to spread panic among Chinese investors, leading the price of Bitcoin down to $830. No Bitcoin ban. However, the price of Bitcoin quickly recovered, as major Chinese exchanges including BTCC published statements pertaining to the discussion they had with the Chinese....