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China Bitcoin Communications The Almighty Buck Technology

China Orders Bitcoin Exchanges In Capital City To Close ( 71

An anonymous reader quotes a report from BBC: China is moving forward with plans to shut down Bitcoin exchanges in the country, starting with trading platforms in key cities. All Bitcoin exchanges in Beijing and Shanghai have been ordered to submit plans for winding down their operations by 20 September. The move follows the Chinese central bank's decision to ban initial coin offerings in early September. Top exchange BTCC said it would stop trading at the end of the month. Chinese authorities decided to ban digital currencies as part of a plan for reducing the country's financial risks. All exchanges are required to send regulators a detailed "risk-free" plan of how they intend to exit the market before 18:30 local time on Wednesday 20 September. The regulator also ordered the exchanges to submit DVDs containing all user trading and holding data to the local authorities. Shareholders, controllers, executives, and core financial and technical staff of exchanges are also required to remain in Beijing during the shutdown and to co-operate fully with authorities.
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China Orders Bitcoin Exchanges In Capital City To Close

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  • by goose-incarnated ( 1145029 ) on Tuesday September 19, 2017 @06:13PM (#55228057) Journal

    "It's different this time!"



    • by Anonymous Coward

      More like..

      * Close down temporarily.
      * Update business model to follow Chinese regulations
      * Open for business.

      • by Anonymous Coward

        "Update business model to follow Chinese regulations"

        Bribe all the right people.

  • Submit a bitcoin miner on dvd to the local authorities... :P
  • The first rule of a fiat currency is that you must compel people to use it. Even if that means shutting down access to other currencies (china today) or making trading in precious metals illegal (USA, 1933). Bonus points from making the world use your fiat currency (USA 1947), and by the way, you may have to invade other countries of start a few coups along the way to ensure they continue to use your fiat currency.

    Really, nothing to see here......

Loose bits sink chips.