Skip to content

China had the right to close Bitcoin and OIC trade: Official PBoC

Get trading recommendations and read analytics on for just $ 39 a month.

A vice governor of China's central bank doubled the general ban on ICOs in September, which also led to the shuttering of local bitcoin exchanges.

According to Pan Gongsheng, deputy governor of the People's Bank of China (PBoC), the authorities were right to fear the initial offers of coins and cryptocurrency trading in China, once the largest bitcoin market in the world.

The central banker was speaking at an annual financial book-release ceremony, co-hosted by JPMorgan Chase over the weekend, when he raised the "scary" prospect of the company. cryptocurrency industry that continues to operate today. I did not banish him outright.

In remarks by Yicai, the head of the central bank said:

If we did not close bitcoin exchanges and repressed initial coin offerings (OICs) a few months ago, and if more than 80% of bitcoin transactions and trading activities Funding was still in progress [in] China, what was the case in January, what would it look like today? … it's scary to think of that.

On September 4, several Chinese authorities, including government administrators of several ministries and regulators of banks, insurance and securities, led by the People's Bank of China, immediately banned any initial offer of coins in China. Calling this practice "illegal" fundraising, the PBoC said the ICO funding had "seriously disrupted the economic and financial order."

On September 15, the authorities issued requirements for clearing and regulating virtual currency exchanges, ordering all bitcoin exchanges and cryptocurrency trading platforms to immediately halt new listings. Bitcoin exchanges were in line with the order, with BTCC, the world's first bitcoin exchange, closing in late September.

See also  Airbnb launches payment splitting for group travel

Meanwhile, Chinese bitcoin miners are already planning to move mining operators to other countries, fearing that China 's crackdown on the industry may also be happening. extend to a ban on mines.

Image from Shutterstock to photo