Latest China news on Bitcoin

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China State News Hints at Bitcoin Exchange Licensing, Resumed Crypto Trading

he Chinese government appears to be preparing for resumed cryptocurrency trading in the near future through the implementation of licensing programs and anti-money laundering (AML) systems.

China state news agency Xinhua recently issued a statement denouncing cryptocurrency, labeling it a tool used by members of criminal organizations to facilitate illegal activities. The state-endorsed editorial piece by reporter Pan Ye advocates a “zero tolerance” approach to cryptocurrency-related crime, but includes a list of regulatory suggestions that indicate an impending crypto exchange licensure apparatus.

The Chinese government last month imposed a nationwide ban on cryptocurrency exchanges, causing the price of Bitcoin to plummet. As part of an ongoing effort to regulate the troublesome ICO environment, China banned all initial coin offerings and mandated the closure of all but two China-based exchanges. The Bitcoin market has consequently endured a major restructuring, with trading volumes moving from China to nearby South Korea and Japan.

Terence Tsang, the CEO of Hong Kong-based exchange TideBit, commented as follows on the impact of the mainland shutdown of cryptocurrency trade:

[OneChain]

Do you know if they are planning to legislate exchanges and license them???

[bangteh]

my country malaysia will follow china to ban i think...they still not realize that a blockchain technology is the future for all online application...does not effect even being banned or whatever they do...if they ban internet...it make sense

[AlexFerson]

China in principle has a strong influence on bitcoin