China is shutting down BitCoin Exchanges


As per the anonymous sources coming from The Wall Street Journal, China is going to shut down the domestic exchanges for BitCoin. As per the sources, there is no any clear information about the shutting down of this exchanges and there is no any specific dates declared for the same as well. Some regulators are saying that the decision has already been made and implemented.

After this announcement, the BitCoin prices have fallen down by $4,108. The prices may even go down slowly once this statement is finally implemented in the China after an official announcement.

China holds a large number of area for both, BitCoin and Ethereum and other coins around the world. According to an official exchanges website, over 45 percent of the global market share over the last 30 days by three Chinese exchanges. So, if ever China shuts down the exchanges of BitCoins into the domestic market, the price of all the exchanges will drop down eventually.

As per the anonymous source, there is too much disorder in the current government currencies as people are more into BitCoins exchanges. People are exchanges BitCoins against the original Yuan from last year which the Chinese government has finally decided to close down the exchanges so it will not affect on the regular currency of the country.

Co-founder and CEO of BTCC, Bobby Lee has come up with a big surprise after hearing this news, he tweeted about what’s actually happening in the country regarding the BitCoins. As per his tweet, “#China regulators have finally decided to officially #ban all #Bitcoin exchanges & trading platforms.#True? or #FakeNews?Please #Retweet.” You can check out the live tweet as well.

He started getting replies from his followers and over 83% of his followers have voted that this is something like a fake news or just a rumor and not the official news. However, some of them have come up with an assumption of shutting this down.

As you know, BitCoin has changes many countries currencies and rates as domestic markets have also started exchanging BitCoins with their own currencies this results in very big disorder in many countries. Since, China is world’s second largest economy, such exchanges put a great effect on the original currency rates and other things. For this purpose, Chinese regulatory authorities have decided to shut down BitCoin exchanges in domestic markets. The exchanges will carry on for International Exchanges and that’s limited for that only. It will not be running in the country in the domestic market.

As the respond to queries or all the BitCoins exchangers, OkCoin wrote in a statement via email, “Til now we haven’t informed by any authorities about closing BTC exchanges, if that happens we will show notifications on our website in no time. Even if that ‘s the case, we would be running offline trading for users, and your balance of coins in your account will be absolutely safe.”

We never know what Chinese government is actually cooking inside for the BitCoin’s exchanging into the domestic market. But it will definitely affect the entire International market for sure. What do you guys think about this?