Economy

China orders bitcoin exchanges to shut down

China orders bitcoin exchanges to shut down

Prior to that, one of China's largest cryptocurrency exchanges, BTCChina, said it would stop trading on 30 September following an order it had received from the authorities.

The news of China's crackdown on cryptocurrency fundraising didn't immediately cause a panic, but it put the China-based cryptocurrency exchanges on notice, and following "careful consideration", one of China's largest exchanges made a decision to call it quits.

Jamie has sparked another bitcoin bloodbath by calling cryptocurrency, a fraud.

Source CoinDesk
Source CoinDesk

The association, which was created by the central bank, warned on its website that such currencies are "increasingly used as a tool in criminal activities such as money laundering, drug trafficking, smuggling, and illegal fundraising". Two weeks ago, the organization also published a warning about initial coin offerings (ICOs), which are unregulated means to raise funds for a cryptocurrency venture.

This prediction, combined with the rumors that Chinese government is shutting down its Bitcoin exchanges, is causing a continuous drop in the Bitcoin price. Investors have poured more than a billion dollars into cryptocurrency startups since then. The outlet does not say when the exchanges must close their operations, but there are several indications that the set date is September 30.

China is cracking down on the cryptocurrency business to try to limit risks as consumers pile into a highly speculative market that has grown rapidly this year. And with Bitcoin plummeting to a 40-day low of $3,023 amid worries about China policy, the volatility is particularly unsettling.

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An advertisement published in the New York Times showing Qatar's Emir, Sheikh Tamim bin Hamad al-Thani. According to PR news site O'Dwyer's , Muzin's firm will receive $50,000 per month to represent Qatar.

There were nearly 40 platforms in China contributing to the initial coin transactions as of mid-July and nearly 65 problems have already been carried out in the country, lifting a sum of 2.6 Billion Yuan, as per a group of Chinese experts mentioned in the local media.

According to Dimon, bitcoin could be useful "if you were in Venezuela or Ecuador or North Korea. or if you were a drug dealer or a murderer".

In the after hours trading, Bitcoin tumbled 9.3 per cent to $3,070 in London, extending the ongoing week's decline to a whopping 28 per cent. Many estimates indicate that the vast majority of trade occurs through exchanges in the country.

Jimmy Carter defends Trump on DACA actions
Either way, it was the second time in two weeks that Trump cut out Republicans to reach a deal with Pelosi and Schumer. Trump is also scheduled to meet with a group of moderate members of Congress from both parties Wednesday afternoon.

Some experts think the wider acceptance and government approval is not as certain as bitcoin investors expect.

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