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It Seems China is Shutting Down its Blockchain Economy

posted by janrinok on Sunday September 17 2017, @03:48PM   Printer-friendly
from the man-wants-his-cut dept.

MrPlow writes:

Submitted via IRC for SoyCow5743

When the Chinese government announced a ban on initial coin offerings last week, it looked like an attempt to rein in the speculative excesses of the cryptocurrency economy. But now it seems like it might have been the start of something more ambitious: a coordinated campaign to shut down use of cryptocurrency in the Middle Kingdom.

The full extent of the Chinese crackdown isn't clear yet, in part because key decisions have only been communicated privately to Chinese Bitcoin exchanges. But a couple of Bitcoin exchanges have now announced that they are shutting down. And leaked documents suggest that the rest will be required to do so before the end of the month. Chinese users will be given a chance to withdraw their funds before the exchanges shut down.

"BTCChina encourages customers to withdraw their funds as quickly as possible," one of the exchanges wrote in a Friday tweet. "Customers can withdraw their funds whenever they want."

Bitcoin has always been something of an awkward fit for China, which strictly regulates financial markets and limits the flow of funds overseas. Chinese officials have apparently concluded that Bitcoin has become too popular as a way to circumvent those regulations.

Source: https://arstechnica.com/tech-policy/2017/09/china-may-be-getting-ready-to-ban-bitcoin/

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  • (Score: 2) by maxwell demon on Sunday September 17 2017, @07:01PM (1 child)

    by maxwell demon (1608) on Sunday September 17 2017, @07:01PM (#569460) Journal

    "BTCChina encourages customers to withdraw their funds as quickly as possible," one of the exchanges wrote in a Friday tweet. "Customers can withdraw their funds whenever they want."

    The interesting question is: Will they withdraw their funds as Yuan, or will they withdraw them as Bitcoin?

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  • (Score: 0) by Anonymous Coward on Sunday September 17 2017, @07:35PM

    by Anonymous Coward on Sunday September 17 2017, @07:35PM (#569469)

    Yes, this may lead to a bubble like never seen as chinese investors/traders try to get the last easily available btc over there until this is sorted out. Can all of china wait until the end of the year? BTC might be double or triple the price by then... Of course it could go the other way too but generally there is infinite yuan/dollars/fiat and limited btc so people prefer to grab it while they can.