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As China plans another clampdown on crypto trading, Bitcoin falls below $10 000

Jan 17 2018
By
Jonathan Smith

The Chinese government is planning another clampdown on trading in cryptocurrencies, according to reports of Bloomberg.


Quoting anonymous “people familiar with the matter”, the government is planning to block access to online platforms and mobile applications that offer “exchange-like services” - both local and offshore. The description, however, is quite vague and it is not clear what exactly the authorities mean.


Authorities will also target individuals and companies that provide market-making, settlement and clearing services for centralized trading, the Bloomberg sources said, asking not to be named because the information is private. Small peer-to-peer transactions aren’t being targeted, they said.


This would be a next round of restrictions on cryptocurrency trading in China, which was once the most active crypto trading market, after the authorities banned the cryptocurrency exchanges last year. They were forced to move outside China if they wanted to continue working, or shut down. China is still the home of major crypto mining operations, even though the miners are also facing increased scrutiny and restrictions.


Following the news from China and considering last week’s announcement of the South Korean finance ministry of plans to ban cryptocurrency trading in the country, which is the second most active market, the major cryptocurrencies’ prices plunged. The Bitcoin took a tumble to below $10 000, marking a six-week low. The Ether, the second largest coin by market cap, also fell, losing 21% of its value, while Ripple, which shot into the third place just recently, lost 25%, to $1.05.


TAGS: china  cryptocurrency  bitcoin  ban 

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