Topic: The Wall Street Jornal - China to Shut Bitcoin Exchanges SEPTEMBER 11, (Read 506 times)

Yep!

And now people are saying that is not a Bull Trap. But I believe that it could be. China will need to take out their money.

Well didn't this just come true? At least one major exchange already went down, and more are planning to close in the coming days. I did not see this coming, thought it was just FUD, but it turns out to be quite sad.

Yes, this smells like fake from miles away.

To close ICOs is one, but exchanges!? Never. This is just hoax to lower the bitcoin price for a reason. China is the biggest miner in the world.

Not news to us. We have seen this article spinned already causing panic to investors and its reflective on the market price now. Well, at least we have already weathered the storm just like any bumps we have seen so far. And looking at the price today, looks like we are heading in the right direction already so we might expect a few spike today and the rest of the week and perhaps you could touch $5000 once again. Its no lost for us really because all the Chinese investors will just go the Western exchanges and continue their trading.

So, welcome Chinese to foreign exchange like bittrex and poloniex.

fuck the domestic market

The news is something that we have heard several time but the concern is about the word "to" which is not even sure when its going to happen because I don't expect the administration of this major exchange sites to sit and fold their arms while their source of living is taken away from them. Further discussions are already to be ongoing while we await their final decison.

Yeah, most probably. Actually there was nothing new with that article and we have already read and heard about that topic and the same details days ago. This is just adding to the FUD spreading around like a wildfire. Well, it is serving its purpose well as there is now a good opportunity to buy Bitcoin at a lower price. Bitcoin is resisting going lower than $4,000 and it might already be back gradually crawling back to the $4,500 level.

Saw this in the WSJ.

Smells like fake news, probably the ICO ban revisited.

BEIJING—Chinese authorities plan to shut down domestic bitcoin exchanges, delivering a final blow to a once-thriving industry of commercial trading for virtual currencies, which took off inside the mainland four years ago.

The country’s central bank has led a draft of instructions that would ban Chinese platforms from providing virtual currency trading services, according to people familiar with the matter. The move comes after months of scrutiny by Beijing, including a ban last week in China on initial coin offerings, a kind of fundraising via virtual currencies.

Regulators in China have been investigating the domestic market for bitcoin and other virtual currencies since the beginning of the year. For a while, officials considered enacting antimoney-laundering rules on exchanges, even circulating a draft of such rules for them to follow.

But the stakes for Beijing grew as prices of virtual currencies like bitcoin soared, adding to the risk of further speculation by domestic investors. Analysts and investors say one reason bitcoin prices rose last year was that Chinese people began using the asset as a way to bet that the value of the yuan would fall. Virtual currencies in theory can allow holders to bypass the traditional banking system to move money outside of China’s capital-controlled borders.

The People’s Bank of China didn’t respond to a request for comment.

Officials from the central bank, cyberspace administration and banking, securities and other regulatory bodies considered various options for months but ultimately came to a consensus to shut down virtual currency exchanges, said the people.

“Too much disorder was naturally a basic reason” for the ban, said one of the people. The price of one bitcoin traded at around $4,279 Monday morning in Beijing, down 16% from its record on Sept. 1.

Trading volumes have already plummeted in China, with authorities stepping up efforts to rein in exchanges. Analysts say more activity is moving underground, where individuals can send virtual currencies to each other using private addresses, which serve like safe-deposit boxes.

The people said that regulators will likely to have to tolerate noncommercial trading of virtual currencies. “The government also doesn’t have the power to control” that, said one person.

Two of the China’s largest domestic bitcoin exchanges, Huobi and BTCC, said over the weekend that regulators haven’t asked them to shut down, even as speculation grows. “We’re still awaiting formal notification from regulators,” said BTCC Chief Executive Bobby Lee. “It’s obviously a sensitive time period.”

A Huobi spokeswoman declined to comment beyond the firm’s press release. Another domestic exchange, OKCoin, didn’t respond to request for comment.

Appeared in the September 11, 2017, print edition as 'Chinese Authorities Set to Shut Bitcoin Exchanges.'

http://archive.is/i0PFc

[Suspicious link removed]j.com/articles/china-to-shut-bitcoin-exchanges-sources-1505100862