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India hints at cryptocurrency, China to shut Bitcoin exchanges

India hints at cryptocurrency, China to shut Bitcoin exchanges

China's bitcoin exchanges have received instruction that they will need to stop new user registration from today, September 15. The statements did not explicitly mention suspension of all trading, leading to speculation that crypto-to-crypto trading will remain open. However, CNY deposits are suspended, effective immediately, preventing traders from profiting off of arbitrage. Many people in the cryptocurrency community viewed this as a possible turning point, hoping the exchanges would be able to convince regulators to "change their tune". The government seems to be laying the groundwork to ban independent digital currencies from the Chinese economy altogether.

Although the body is not a formal regulator, it was set up by the People's Bank of China and was approved by the State Council, so can be considered to be government-backed. The PBoC and Chinese financial regulators finally stopped dragging Chinese exchanges through one policy change to the next regarding renminbi, although there may be more to come. While the motivations behind the move and the trading restrictions are unclear, such a ban could affect an estimated one-quarter of all bitcoin transactions.

China's cryptocurrency exchanges have been instructed to halt their operations, multiple news outlets have reported. Its co-founder, Bobby Lee, told Reuters the move would not affect trading on the BTCC worldwide exchange, however.

Since the news has been released, bitcoin's price has dropped below the $3500 range.

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It was written as part of a more expanded opinion about the banning of ICO's that happened last week in China. The price dipped at the time, but rebounded shortly after the central bank's original announcement last January. The exchanges neglected to mention whether users can choose to send bitcoins to external wallet addresses.

"It's here to stay because of the disparity between countries where a monetary system is robust and countries where there is virtually no monetary system, this comes up as an alternative currency", Levitt said.

According to the chief market analyst of Think Markets UK, Naeem Aslam, the Asian market is of primary importance to the demand and supply of Bitcoin. It allows anyone to embed informative Bitcoin.com widgets on their website. The widgets include price-only, price and graph, price and news, forum threads. So if Chinese mining pools were shut down, it would have a big impact on the distribution of power in the global Bitcoin economy.

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