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.
The People’s Bank of China (PBoC) banned initial coin offerings (ICOs) declaring them illegal, and asked all related fundraising activity to be halted immediately.
Following a crackdown on bitcoin exchanges earlier this year, Chinese lawmakers are now considering suspending all virtual currency offerings in the country.
Bitcoin continues its steady growth and moves from an alternative asset to a mainstream payment form for businesses.
Bitcoin price recovers as Chinese authorities and bitcoin industry push for regulatory alliance.
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.
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.
Chinese bitcoin exchange FXBTC is set to be closed on May 10th due to the growing restrictions from the People’s Bank of China.
Anyone in China with a smartphone can now act as a bitcoin ATM with BTC China’s new mobile app that lets users buy and sell bitcoins in different major world currencies.
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.