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The Curtain of Bitcoin in China Calls a "Decisive Moment", Says Huobi Founder

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As the exchange of Chinese bitcoins Huobi suspends the local CNY trading today, the trading platform "big three". look pastures beyond China.

In an announcement, Huobi's founder, Leon Li, exposed the company's future vision as the stock market sets up a system of "total cessation of all digital assets" against the yuan today. 39; hui.

Li wrote:

I believe this is not only an important step for Huobi, but also a turning point in the history of Chinese digital resources and even a memorable day in the development of global digital assets.

Mr. Li went on to point out that digital currencies had already "caused great turmoil" that "will bring profound changes to the global financial system". The founder of one of China's largest bitcoin exchanges also gave an overview of the authoritarian controls exercised by Chinese regulators to effectively shut down the cryptocurrency industry.

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"In recent years, the Chinese economy has been developing slowly, but capital resources for business development have been attracted by morbid speculation in some markets," said Li. Since the second half of 2015, the financial industry has a strong regulatory cycle where the capital should support economic development. "

Li added:

We believe that strict control of the digital asset trade is consistent with China's current situation.

Coinciding with Huobi's cessation of its Chinese exchange is the launch of Huobi.pro, its international trading platform with the support of Tether (USDT) with trade enabled for ten cryptocurrencies. The exchange is based in Singapore with a subsidiary in Hong Kong. Meanwhile, Huobi China will move from a cryptocurrency trading platform to a blockchain consulting and research platform.

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The Central Bank of China, the People's Bank of China, announced for the first time a general ban on all initial offers of coins (ICO) and cryptocurrency on September 4, 19459010. In this post, Li has revealed official notices received from the PBoC on 15 September, forcing the exchange to suspend user registrations and RMB deposits the same day.

Huobi's closure of China's trading comes one month after the exchange of BTCC, the world's oldest bitcoin exchange, which closed as a result of regulator pressure.

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Image from Shutterstock.

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