Bitcoin may finally sees an end to its era in China Today2 min read
The most popular digital currency, Bitcoin may finally seen an end to its era in China today. On Saturday, September 30, 2017. As one of the most famous virtual currency trading avenue in the country, btcchina.com halted all of its business operations, ranging from exchange of yuan for digital assets to exchange between various online currencies. Has he previously anounce on its official microblog in the middle of September to stop all trading from 30 September.
Aside from the recent action taken by btcchina.com, other digital currency trading avenues like the jubi.com as well as huobi.com have one time announced in the middle of September that their customers or users would be informed about their plans to halt every online transaction dealing with cryptocurrencies generally at the end of September.
Why is this sudden Bitcoin era changes in China?
This recent development is nothing more than the policies of the Chinese government that had been nursing since the beginning of September to curb the tentacles of the fast-rising cryptocurrency market. An attempt towards this was made evident on the 4thof September when some government sectors released a notice that backs up the stopping of the activities of users on the use of Initial Coin Offerings (ICO).
A veteran Chinese trader named Zhang Yinhai who has been into token trade since 2011 stated that he had been waiting for the government to make this pronouncement for a long time. However, despite his belief about the end of the crypto trade, he still decided not to sell off his cryptocurrency assets, the value of which he left undisclosed.
Zhang further stated in his statement that about 90% of the globe’s trading volume used to be accounted for by Bitcoin trading. But the rate has rapidly decreased to a rate less than 9% since the time of the banning of ICO by the government, however, currently, the Chinese market has only a limited influence on the rate of the Bitcoin price.