The China’s central bank has recently been meeting nine of Chinese’s smaller cryptocurrency exchanges to review its rules and regulations to further apprehend any incoming risks and problems in the fast-paced growing Bitcoin market and published a report of a possible closure if illegal matter and serious violation are uncovered.
The People’s Bank of China has published its article that one of the meeting’s agenda with the 9 cryptocurrency exchanges is to not divulge themselves in any financial activities such as margin lending or allow money laundering. The PBOC is eagerly looking for flaws and possible breaches of the country’s rules. Beijing has been on the move to speed up the efforts to stem capital outflows and relieve pressure on its currency.
Bitcoin Drops after POBC Meeting
The nine exchanges involved in the recent meeting were CHBTC, BtcTrade, HaoBTC, Yunbi, Yuanbao, BTC100,
Yuan Recorded Worst Performance Since 94
The Chinese currency was remarkably low last Tuesday, the yuan fell to a total of 6.6 percent against the dollar last year, the worst annual drop the currency experience since 1994. The decline led both trading companies and investors
PBOC Previous Bitcoin Scene
A similar scenario happened on January 11 as the PBOC reminded the likes of OKCoin and Huobi to remain to abide by the country’s laws and regulation regarding financial activities, this made the price of Bitcoin plummet to the $916 range to as low as &761. The sudden decrease was due to panic selling which emanated from the fear of on-site inspection may imperil investments in the popular digital currency. The potential ban and imminent danger for cryptocurrency-related activities when it comes to China; the country is seen to be the hive of Bitcoin operation tallying a total 90% of the world’s cryptocurrency activities, operations, and holdings.
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