The price of Bitcoin has been rising steadily and rapidly during the last year. A huge part of this is due to people in China starting to get exposure to Bitcoin when they see their local currency devalued. Is Bitcoin in China under threat and will there be a complete ban on for the currency? Too early to tell but we find it unlikely.
If any new regulations are set in place, we are certainly going to see more volatility in Bitcoin price in the months ahead.
Video description below:
Today is Thursday 9th February 2017 and were briefly reporting on a Reuters report out today concerning bitcoin.
China’s Central Bank – The People’s Bank of China (PBOC) said in a statement on its website that last week it met with nine of the country’s smaller bitcoin exchanges to discuss risks and problems in the Bitcoin market, and warned them that they risk closure should they seriously violate the country’s regulations.
It claimed that it was particularly concerned about margin lending and money laundering activities.
Beijing has ramped up efforts to stem capital outflows and relieve pressure on its currency, the Yuan.
While the Yuan weakened 6.
6% against the dollar last year, its worst performance since 1994, the bitcoin price has soared to near-record highs, trading at 7,545 Yuan, equivalent to around $1,099.
The relative anonymity the digital currency affords, has prompted some to believe bitcoin has become an attractive option for tech-savvy Chinese to hedge against the Yuan and skirt around rules limiting how much foreign exchange individuals can buy each year.
The PBOC’s increased scrutiny of the industry since the start of the year has led the three largest exchanges to introduce trading fees and stop margin lending.
Is this just a warning or a first step towards banning Bitcoin and or other crypto currencies?What do you think? We would like to hear your views.
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