China’s Central bank officially sets upon regulation of all crypto-related activities and businesses introducing new frameworks aimed to crack down on all aspects and services of Bitcoin trading in both Mainland China and Hong Kong.
The overall markets under deep correction as China brings ban on local investors to trade even from foreign exchanges.
China is planning to completely ban activity of centralized cryptocurrency exchanges, targeting websites, mobile apps, people and businesses that provide exchange-like services.
Bitcoin prices surge to a new all-time high above $6250 amid speculations of China lifting ban on local exchanges and resuming trading operations.
Bitcoin hit a new record, currently trading at $5,297.39.
China will likely resume cryptocurrency trading after licensing exchanges as measures for cryptocurrency market regulation.
While Chinese regulators are moving closer to shutting down bitcoin trading in the country, traders seem to have a way to work around.
OkCoin and Huobi are to stop all trading services for local customers till the end of October putting an end to crypto exchange markets in any form in China.
Bitcoin is trading below $4,000 as the tightening regulation and negative comments from industry leaders keep investors worried about the cryptocurrency’s future.
Rumors about Chinese government’s plans to ban trading of bitcoin and other virtual currencies on domestic exchanges decrease Bitcoin price to under $4150 level.