The PBoC also said that it will allow for a level playing field for the foreign players to compete with the local players in the highly saturated payments market of China.
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.
China is planning to completely ban activity of centralized cryptocurrency exchanges, targeting websites, mobile apps, people and businesses that provide exchange-like services.
The Chinese central bank is planning to limit the mining business by imposing restrictions on the electricity usage by miners.
According to the PBoC’s researcher, the introduction of a centralized digital currency will bring substantial changes to the future of the world’s financial industry.
BTCC founder Bobby Lee discuses SegWit2x and China’s bitcoin exchange ban on Reddit AMA.
Sheng Songcheng doubts if bitcoin can become a means of exchange that could meet modern economic development needs.
BTCC becomes the first Chinese cryptocurrency exchange to integrate Ethereum Classic and offer support for ETC traders.
Bitcoin has recently been the focus of media and investors attention as both a long-term safe haven asset and digital currency.
The People’s Bank of China explained that it would begin blacklisting exchanges that would continue violating the regulations.
Chinese exchanges suspend withdrawals of virtual currency while the country’s central bank increases pressure on bitcoin companies to stem capital outflows.
China’s central bank on Wednesday announced that it will try to issue digital currencies ‘as soon as possible’ to cut the costs of circulating traditional paper money and boost policymakers’ control of money supply.