Economy

Chinese Bitcoin Exchanges OKCoin and Huobi to Close in October

Chinese Bitcoin Exchanges OKCoin and Huobi to Close in October

The Wall Street Journal reported on Monday that the Chinese government and the country's central bank meant to shut down bitcoin exchanges.

Chinese regulators are cracking down on the cryptocurrency sector, in a bid to stamp out potential financial risks as consumers pile into a highly risky and speculative market that has seen unprecedented growth this year.

Bitcoin has had a big selloff with the closing of Bitcoin exchanges in China.

The bitcoin price was down 5% at $3,071 at 1036 GMT on USA exchange Bitstamp. China accounts for 23% of the global bitcoin trade.

In the latest developments, after Dimon's statement, Bitcoin price has suffered losses up to 11%.

Following China's ban on initial coin offerings of cryptocurrencies, the Asian country looks set to ban all digital currencies by the end of September.

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Jamie Dimon, the current CEO of JPMorgan Chase, recently stated that he believes Bitcoin "is a fraud" and that it would all eventually come crashing down. In fact, BTC China, the largest exchange in China, said it would stop facilitating trades by the end of the month.

Bitcoin is some way off its record high of $4,950 as it continues to falter amid concerns that the Chinese government is launching an anti-cryptocurrency movement to crack down on digital currencies. Between June and mid-July, bitcoin prices fell 33%, largely due to fears surrounding the eventual upgrade of bitcoin's software code and branching out of the Bitcoin Cash. However, the original cryptocurrency has somewhat recovered since then and is now trading at $3,441, down a mere 1.5% from the same time yesterday.

Last week, China banned initial coin offerings (ICOs), referring to them as an unauthorized fundraising tool that may involve financial scams.

The executive director of the Reserve Bank of India, Sudarshan Sen, told a conference in Mumbai earlier this week that while the RBI was uncomfortable with "non-fiat" cryptocurrencies like Bitcoin, it was considering issuing its own cryptocurrency.

The announcement was viewed as one way for Beijing to get power over crypto-currencies, which are made using blockchain tech and are bought and sold online without any regulation of the government.


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