– Chinese authorities are committed to a complete ban on trade bitcoins, preparing for this sector, draconian measures, which will probably be a test for flexibility of both the cryptocurrency and the idea that its decentralization protects the sector from government intervention, writes The Wall Street Journal.
Chinese regulators have taken a decision to impose a complete ban channels for the sale and purchase of virtual currency in China, what is going on plans to close the cryptocurrency exchanges, told the newspaper informed sources.
The authorities have denounced his position to several leading representatives of the sector at a private meeting in Beijing on Friday, said one of the sources who attended the meeting.
Until last week, many entrepreneurs in the Chinese bitcoin circles believed that the authorities will impose a ban only on commercial trade in bitcoins, but will not take measures with respect to off-exchange platforms that allow buyers and sellers of crypto-currencies to trade directly.
Information about the impending adoption by authorities more serious measures spread after Friday’s meeting, and at least one of the OTC bitcoin platforms announced the termination of operations in accordance with an official decree.The Chinese authorities ‘ plans envisage the harsh measures introduced by the governments of any country in relation to the bitcoin market.
National Association of Internet Finance (NIFA) of China last week has released a message in which cautioned investors from trading digital currencies, noting that the bitcoin platform will not have a legislative basis for the existence in China.
The purpose of monetary regulation in China is to ensure that “the source and direction of each monetary unit could be tracked”, said the representative of the NIFA, Whether Lijun.
According to WSJ sources, further actions of the authorities of the PRC may include the blocking of Chinese users access the sites of foreign bitcoin exchanges, including Coinbase American and Hong Kong’s Bitfinex.
The paper circulated at Friday’s meeting and got into the disposal of the WSJ requires bitcoin exchanges to curtail operations and provide regulators with information about Bank accounts of clients until Wednesday.
Over the weekend China’s largest bitcoin exchanges – BTCC, Huobi and OKCoin – announced the termination of work in the coming weeks. On Monday, bitcoin traded above $4000, but the current rate of approximately 24% below the high recorded September 1 – $4960,72.