The People’s Bank of China found some violation of rules in the operations of major bitcoin exchanges.
China’s central bank unveiled plans to more closely inspect operations of digital currency exchanges in an effort to curb the yuan’s outflow.
Bitcoin price demonstrated a sharp drop on Friday after the central bank of China warned users of the threats associated with the investment in digital currency.
Bitcoin has gained 123% in 2016, making it the top performing currency for the second year in a row.
During the past two weeks, Bitcoin price has been doing not bad at all. Thanks to various reasons, the value of the most discussed cryptocurrency has managed to keep its head above the $260 mark.
Nearly 80% of all bitcoin trading volume is driven by the Chinese national currency.
The biggest Chinese exchange Huobi brings margin trading and interest-bearing accounts with its new internationally focused platform BitVC and Yubibao brand.
Bitcoin has been hit once again by the Chinese regulatory hammer as the crackdown gets stronger, due to the warnings issued by People’s Bank of China.
In case PBOC (People’s Bank of China) decides to tighten the restrictions of financial services that are operating with industry, major Chinese bitcoin exchanges will be ready to move their operations.
The price of Bitcoin has fallen to its lowest value in five months as uncertainty surrounding the cryptocurrency’s future in China continues.
Bad news for the virtual currency in China – the Bitcoin price crashes as Chinese government stops Bank deposits.