PaulSpoerry.com

Social Media, Technology, and geeky stuff for your brain.

Let’s connect!

  • Home
  • About
  • Categories
    • Google+ Posts
    • Site news
    • Tech
      • Android
      • Apple
      • Chrome
      • Gadgets
      • Hacking
      • Linux
      • OSX
      • Privacy
      • Web Life
        • Bittorrent
        • Facebook
        • FireFox
        • GMail
        • Google
        • Google+
        • Twitter
        • WordPress
      • Windows
        • Windows 7
    • Google+: Getting Started Guides
    • Games
    • Meditation
    • Politics
    • Science
    • That’s freakin hilarious
  • Code
    • FreeImageZoom
    • Post Editor for Google+™
    • The Plus Editor
  • Contact
You are here: Home / Google+ Posts / China's Bitcoin Exchanges Receive Shutdown Orders and Closure Timeline

China's Bitcoin Exchanges Receive Shutdown Orders and Closure Timeline

September 15, 2017 by Paul Spoerry Leave a Comment



China’s Bitcoin Exchanges Receive Shutdown Orders and Closure Timeline – CoinDesk
A document leaked on Chinese social media today appears to confirm rumours that all local bitcoin exchanges must close by the end of the month.

BTCC and ViaBTC, following BTCChina, have already announced their closure. Exchanges Huobi and OKCoin are said to have met with regulators today, and are expected to announce plans to shut down within hours.

Chinese Bitcoin mining hardware firm Bitmain co-founder Jihan Wu, however, claimed that the rumors hint of tougher regulations and temporary closures, rather than an outright ban. (https://twitter.com/JihanWu/status/907662915905380353)

Some things to keep in mind:
* Chinese investors are notorious for their short-term trading activities, which often influenced Bitcoin volatility in the past.
* A complete ban on crypto-trading in China may have major consequences; the country is home to one of the most active Bitcoin trading activities around the world.
* There is a single large-scale mining farm in China that accounts for nearly one-twentieth of the total daily virtual currency production worldwide. China likely wants to stop the flow of their fiat out to crypto, but they're unlikely to shutter the whole thing as that's neither realistic nor feasible due to the industry’s magnitude.
* Given how closely the Chinese control their currency this turn into them figuring out a way to regulate the industry.
* They are not the only country that's taking this type of stance (there are also other countries leaning into it).
* This isn't the first time China has gone anti-crypto and caused a crash. They took a position in 2013 and the price plummeted… and then when it recovered BTC went close to $5,000. ;O)

Check this out on Google+

Facebooktwittergoogle_plusredditpinterestlinkedin

Filed Under: Google+ Posts

About Paul Spoerry

I’m a groovy cat who’s into technology, Eastern Thought, and house music. I’m a proud and dedicated father to the coolest little guy on the planet (seriously, I'm NOT biased). I’m fascinated by ninjas, the Internet, and anybody who can balance objects on their nose for long periods of time.

I have a utility belt full of programming languages and a database of all my knowledge on databases... I practice code fu. Oh, I've also done actual Kung Fu, and have a black belt in Tae Kwon Do.

I run. I meditate. I dance. I blog at PaulSpoerry.com, tweet @PaulSpoerry, and I'm here on Google+.

I'm currently work for IBM developing web enabled insurance applications for IBM and support and develop a non-profit called The LittleBigFund.

Have a comment?

  • Google+
  • Facebook
  • Wordpress (this site)
Loading Facebook Comments ...

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Copyright © 2018 · Epik Theme on Genesis Framework · WordPress · Log in