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.
The Chinese central bank is planning to limit the mining business by imposing restrictions on the electricity usage by miners.
Chineese authorities have ordered domestic Bitcoin exchanges to cease trading and immediately notify users of their closure.
The People’s Bank of China recently announced its decision to introduce a complete ban on ICOs, a stunning move that sent shockwaves throughout the world. The global blockchain is abuzz, parsing this decision and its potential consequences.
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.
Sheng Songcheng doubts if bitcoin can become a means of exchange that could meet modern economic development needs.
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.