Bitcoin and the Yuan
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Late last week, a report from Caixin shook the Bitcoin world. According to the state-owned media outlet, China plans to ban all cryptocurrency exchanges. Pboc china bitcoin exchange rates report was followed by a similar one from The Wall Street Journalwhich cited anonymous sources familiar with the matter.
But three days later, the price of Bitcoin and most other major cryptocurrencies including Ethereum is rising again. Was the report false? The answer is unclear at this point, but the market either no longer believes the report, or it simply doesn't care. Here's how to deal with those ridiculously high Bitcoin transaction fees.
Make no mistake—China definitely can pull such a move. The country clamped down hard on Bitcoin several times in the cryptocurrency's history. The reasoning behind China's actions towards Bitcoin is complex, but is mainly driven by the fact that cryptocurrencies are tough to control and can be used to move money out of the country, which does not sit well with China's authorities.
Banning all crypto trading on exchanges is a far more serious move than the ICO ban. Several of the world's largest cryptocurrency exchanges reside in China, and the country is neck and neck with the U. In other words, Bitcoin should be plummeting. There are several indicators that Caixin 's report on China banning all crypto exchanges might be false or only partially true. First, even though several days have passed since the original pboc china bitcoin exchange rates, there has been no official notice on the matter from the People's Bank of China.
Second, three of the largest exchanges in China— OKCoinBTC China and Huobi— said on Monday that they haven't heard anything about a ban from the country's regulators, at least pboc china bitcoin exchange rates officially.
BTCChina Exchange is operating normally, and has not received any new directives from Chinese regulators. We'll keep you updated. And Bloomberg wrote on Monday that over-the-counter transactions off-exchange trading would not be banned, meaning trading crypto would still pboc china bitcoin exchange rates possible for whales informal moniker for entities that own very large amounts of crypto.
While it's still very possible that China will, indeed, ban crypto trading, it could only be a temporary blow for Bitcoin. Several pboc china bitcoin exchange rates weighed in following the reports, saying the money will ultimately move elsewhere in case of a ban. Where there's demand, the money will find a way to get to those exchanges. Think of the worst case scenario: And they ain't even decentralized.
When has any ban on anything ever worked btw? There are really only two choices here: When it comes to Bitcoin, China's authorities are known to change their minds often, and a lot of the time they've been ambiguous on what they plan to do. It's quite possible that the rumors about the ban of crypto trading will stay lingering in the air for a while, without official confirmation or denial. We're using cookies to improve your experience.
Click Here to find out more. Business Like Follow Follow. And they ain't even decentralized — cnLedger cnLedger September 9, How to respond when your coworker asks you, "How was your weekend?
