China to ban trading of bitcoin

China Plans To Ban Bitcoin Trading Initial Coin Offerings Even As Fintech Adoption Thrives

Bloomberg has reported that according to insiders, the ban will only apply to trading of cryptocurrencies on exchanges while there don't seem to be an urgency is stopping over-the-counter transactions. Get into Bitcoin Trading on the worldwide Bitcoin Exchange.

Chinese regulators ordered a halt to all virtual currency trading platforms in the country, acting to further rein in risks related to cryptocurrencies, Caixin learned from a source close to regulators. When the initial report of Caixin was released, the Chinese bitcoin market crashed, bringing the price of bitcoin down to the $4,000 region.

Monday, September 11, Bitcoin price shows signs of recovery and holds on to a level above $4,100 per BTC. Owning Bitcoin and other virtual currencies would still be allowed, but users won't be able to exchange it into fiat currency online. No official proclamations have been issued by the Chinese government or regulators, although some exchanges are already taking steps and indicating they have been contacted.

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For those who are looking to take advantage of Bitcoin and other cryptocurrencies price fluctuations, Some brokers provide traders with instant access to trade Bitcoin, Bitcoin Cash, Ethereum and other cryptocurrencies.

It lost almost 7% on Friday in response to a report from a Chinese news outlet that said Beijing was planning on. It once controlled more than 90 percent of the market in bitcoin's early days.

Bitcoin slumped last Friday after Caixin magazine reported China's plans, capping the virtual currency's biggest weekly retreat in almost two months.

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According to the The Wall Street Journal, bitcoin exchanges are now being clamped down on, with no trading to be done within Chinese borders.

OKCoin, BTC China and Huobi, the country's three biggest bitcoin exchanges, said yesterday that they had not received any regulatory notices concerning bans on cryptocurrency trading. But, as bitcoin mining and blockchain research firm BitFury Vice Chairman George Kikvadze explained, the impact of the Chinese government's announcement was minimal and the bitcoin market recovered within hours.

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