CHINA'S BITCOIN exchanges have begun the process of closing down on orders from the Chinese government.
One of the oldest and biggest, BTC China, confirmed on Thursday that it will shut down on September 30th. It has immediately stopped accepting new accounts and will spend the next two weeks preparing to close completely.
1/ After carefully considering the announcement published by Chinese regulators on 09/04, BTCChina Exchange will stop all trading on 09/30.— BTCC (@YourBTCC) September 14, 2017
The news has hit the price of bitcoin already, falling from $3,860 to $2,457 as the news broke. So if you were a dollar millionaire but put it all into bitcoins, you lost over $363,000 (£272,000) overnight. Something tells us that the Chinese government is going to find itself on the receiving end of a law suit.
It had started to recover slightly but is expected to drop further as it becomes clear that this is not a drill.
China began investigating the whole cyber-currency quagmire (Giggity) in January, after claiming that it was being used for money laundering, (well duh) and market manipulation amongst other things.
China has been cracking down on some of the workarounds for its strict economic and social rules. VPNs will be completely blocked from February 2018, Real names must be used online and now the closure of Bitcoin minting plants in the country has been classed as "certain".
Bitcoin has had a lot of ups and downs in its short life, and after rising 300 percent this year, as it became an increasingly appealing proposition following various world events, it looks set to come crashing down as one of the world's biggest economies outlaws it.
Other exchanges such as Huobi are yet to make a decision on their futures, but the rumour mill suggests that officials have already told them that their days are numbered. µ
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