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China – Report on threatening bitcoin ban ensures confusion News

Monday, September 11th, 2017 | Economy

"People are still waiting for an official statement from the regulator," said Arthur Hayes, head of the trading platform BitMEX. Since apparently not all investors believed the media report on a planned ban, the price losses so far had been limited. If, however, it should happen, a bitcoin price slump of less than 4000 dollars should be expected. On the stock market BitStamp, the most important Internet currency on Monday fell by 1.1 percent to 4179 dollars.
The investors were frightened by a report from the Chinese economic report "Caixin" of Friday, according to which the authorities consider closing the trading platforms for cyber money. A few days earlier, China had banned the so-called Initial Coin Offerings (ICO). Via this vehicle, new digital currencies are created in the same way as the initial public offering (IPO) – the stock exchanges of a company.
No information from China
According to an insider, the Chinese government is considering the ban on trading with Bitcoin & Co. The trading platforms OkCoin and Huobi had no additional information on this issue. The central bank was initially unable to reach an opinion.
Another ICO Conference Cancels at Wake of China Ban https://t.co/tdFVzsqcwI pic.twitter.com/tE4wkuHpKr
– CoinDesk (@coindesk) September 11, 2017
Chinese investors are obviously trying to circumvent a possible ban. Over the weekend many of them had registered with the Hong Kong Stock Exchange Gatecoin, said their founder Aurelien Menant. He also experienced a massive increase in inquiries for an ICO. A Chinese investor expressed doubts, however, that the government would stop trading in cyber currencies. "It's too much money to stop people." Even if the stock exchanges in the People's Republic were closed, there were ways to continue to act on Bitcoin & Co..
According to the Chinese stock market, 90 percent of global cyclic currencies are traded on their platforms. There is no government or central bank for these currencies, so their price is determined solely by supply and demand. The money is generated by users whose computers calculate the extremely complex algorithms. Since the cyclic currencies can also be transferred quickly and anonymously around the world, they are particularly interesting for actors who want to escape capital controls.


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