Following yet another sharp price drop due to the secretive, closed-door and private actions of China’s Central Bank, the bitcoin community turned today to angry rhetoric directed at PBOC.
“You can’t live in a fascist state and not expect the fascist state to come bursting through your door to slap you around, every now and then.” – says one bitcoiner. “I am about sick of China.” – says another. “It’s safe to say that China is going to keep saying something every time Bitcoin gets close to the value of Gold.” – says a third.
PBOC stands accused of taking measures against bitcoin every time price rises. Just as bitcoin surpassed gold parity, they announced the opening of an “investigation” into China’s big three exchanges: BTCC, OKCoin and Huobi.
Price fell sharply by around $300, but then slowly recovered, increasing by around $170 from the beginning of this month to reach around $1,070. PBOC again interfered. Telling Bloomberg they were to hold a closed door meeting with nine of China’s smaller bitcoin exchanges: CHBTC, BtcTrade, HaoBTC, Yunbi, Yuanbao, BTC100, Jubi, BitBays and Dahonghuo.
PBOC warned them to comply with regulations or risk being shut down. Price initially reacted by $80, but it recovered and even went higher as PBOC’s language was ambiguous. A word for word translation reads: “If there is a Bitcoin trading platform in violation of the above requirements [related to money laundering, foreign exchange rules, taxation and advertising],[and] the circumstances are serious, the inspection team will bring it to the relevant departments [for the exchange] to be closed down according to [the] law.”
It is not fully clear whether PBOC is referring to violations that happen after the above warning, or to violations that may have occurred in the past. The price’s reaction suggested the former which would have earned PBOC some praise for acting reasonably. But then, OKCoin and Huobi announced they are to pause bitcoin and litecoin withdrawals for a time estimate of one month to enact measures that allows them to comply with the requirements of PBOC.
https://www.cryptocoinsnews.com/anger-grows-pbocs-interference-bitcoin/
