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.
Nearly 80% of all bitcoin trading volume is driven by the Chinese national currency.
OKCoin achieved higher bitcoin trade volumes than other exchanges, including leaders Bitstamp and Bitfinex.
OKCoin’s futures platform allows bitcoin users to set fixed values and also reduces the risk of price volatility.
The amount of bitcoin venture capital raised this year is higher than the total investment made in 2013.
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.
Chinese bitcoin exchange FXBTC is set to be closed on May 10th due to the growing restrictions from the 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.
Bad news for the virtual currency in China – the Bitcoin price crashes as Chinese government stops Bank deposits.