Bitcoin down for a fifth day as China cracks down on cryptocurrencies

Yunbi Bitcoin Exchange Latest to Close in China Crackdown                          Sep 15 2017 at 13:30 UTC by Rachel Rose O'Leary

Bitcoin has always been something of an awkward fit for China, which strictly regulates financial markets and limits the flow of funds overseas.

Jamie has sparked another bitcoin bloodbath by calling cryptocurrency, a fraud.

To that end, Li Lihui, a senior official at China's National Internet Finance Association (NIFA), stated that the exchange crackdown was "a necessary action" to protect the interests of investors.

China has been cracking down on fundraising through launches of token-based digital currencies, targeting initial coin offerings in a market that has ballooned this year. Digital currencies developed by authorities could be used for good, with the right regulation, he said.

"China is preparing to provide licensure for less than a handful of exchanges as it grapples with the meteoric increase in cryptocurrency trading, and speculation on ICOs - licensure and engagement with government will help propel this industry forward".

Yunbi, a small Beijing-based exchange, also announced today (link in Chinese) that it was ceasing trading on September 20.

The US Government Is Getting Rid Of Moscow-Based Kaspersky Products
Also in July, the U.S. government's General Services Administration removed Kaspersky Lab from a list of approved vendors. Kaspersky, founded in 1997 and headquartered in Moscow, is now one of the world's leading cyber security firms.

Digital currencies are also facing scrutiny from the private sector. And with Bitcoin plummeting to a 40-day low of $3,023 amid worries about China policy, the volatility is particularly unsettling.

China is home to the largest group of bitcoin miners on the planet.

Some sources stick to the view that BTCC's decision to stop trading has nothing to do with the rumors regarding exchanges being shut down. The PBoC and Chinese financial regulators finally stopped dragging Chinese exchanges through one policy change to the next regarding renminbi, although there may be more to come.

"The current pricing assumes massive adoption, and I don't think governments will allow the amount of adoption that's now priced in", said Mohamed El-Erian, chief economic adviser at Allianz Global Investors, on CNBC Wednesday morning.

While a USA cryptocurrency ban isn't likely, we are likely to see increased regulatory scrutiny of the cryptocurrency economy-especially from the Securities and Exchange Commission.

Disclosure: The author of this text owns, or has recently owned, a number of cryptocurrencies, including BTC and ETH.

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