Amid a swirl of speculation and assumptions, mainstream media outlets are reporting that China will certainly be banning Bitcoin exchanges. This comes after the China’s authorities placed a blanket ban on initial coin offerings in advance. The reports in internet resources like the Wall Street Journal and others are quoting nameless sources that were not offering an excessive amount of information.
In step with the Wall Street Journal, the regulators were not even sending clear messages on the information of the ban including when it’d happen. Seemingly, one regulator informed an exchange that the choice had already been made, even as some other stated that it could take some months. In spite of the foggy nature of these proclamations, the Bitcoin price has taken a second dip after improving from the information of the initial coin offering ban in China.
Bloomberg additionally reports:
“The ban will just apply to buying and selling of cryptocurrencies on exchanges, according to people acquainted with the problem, who asked not to be named because the facts is non-public.”
Bitcoin has been a main disruptor in China and its socialist economic regulations. As such, it is believed that the China’s government has perceived the increasing interest of the cryptocurrency as a risk particularly as China’s traders have been seen to buy up Bitcoin and bet towards the Yuan. The nameless source cites an excessive amount of disorder because the motive for the alleged shutdown, echoing the Chinese central bank’s words remaining week criticizing initial coin offerings for disrupting the China’s economic order.
Many hardline beliefs in Bitcoin are rightly skeptical about the perceived ban from China, as there has been no official word, and nobody brave enough to place their name on the information. Chief executive officer and founder of China’s bitcoin and cryptocurrency exchange, BTCC, has put up a twitter poll asking if people trust that the ban is real with over eighty percent of people stating no.
“‘Until now we have not been informed by any government about banning bitcoin and cryptocurrency BTC exchanges, if that occurs, we will show notifications on our internet site very quickly. Even though that is the case, we’d be running offline buying and selling for customers, and your balance of cryptocurrencies in customers’ account will be definitely safe.”