日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

USEUROPEAFRICAASIA 中文雙語Fran?ais
Business
Home / Business / Finance

Crackdown signals end of illegal exchanges

By Chen Jia | China Daily | Updated: 2017-09-19 06:54

Crackdown signals end of illegal exchanges

Bitcoins. [Photo/VCG]

Cryptocurrency had been channel to transfer personal assets overseas

China's crackdown on bitcoin exchanges is a sign that the top regulator no longer tolerates cryptocurrency trading in the country as it has fueled illegal fundraising and cross-border money laundering, experts told China Daily.

Two of China's bitcoin exchanges, Huobi and OKCoin, both announced on Saturday that they will halt all virtual currency trading by the end of October, after they "received the notice and guidance from the regulators" according to their websites.

The Beijing News reported on Monday that senior managers of these two exchanges were forbidden to leave Beijing, and are required by financial regulators to cooperate with further investigations.

It followed the announcement of BTCChina, one of the country's biggest bitcoin exchanges, saying it will close its trading platform by the end of this month.

Bitcoin rebounded by more than 8 percent to $3,974 in intraday trading on Monday, up about 30 percent from Friday's low-ebb of $2,972, as investors calmed after digesting the exchange closure news.

"It is unlikely that the cryptocurrency trading will re-commence in the short term, as the financial regulators have made this decision," said Deng Jianpeng, a professor at the Law School of Minzu University of China.

More detailed explanations are expected from the central bank and other relevant government departments that may clarify the boundaries of illegal trading, he said.

Without mature and special laws on bitcoin trading, the cryptocurrency's exchange was seen as a channel to transfer personal assets overseas, which is supposed to be under the supervision of the country's foreign exchange administration.

Speculative investment fueled bitcoin's surge to around $5,000 earlier this year, marking a five-fold increase since the end of 2016.

Du Yan, executive director of the Asia-Pacific Future Financial Research Institute, said that the regulators' crackdown is "reasonable and just in time" to cool down the irrational investment and prevent potential financial risks.

The regulatory cost, from illegal fundraising and cross-border money laundering emerging from bitcoin trading, is much higher than the innovation benefits from the cryptocurrency, pushing policymakers to make the decision, said Du.

So far, the Chinese regulator has yet to identify bitcoin and other digital assets as illegal currencies.

The crackdown, as Deng said, will not spark market panic as the investors have accepted these facts since the information has been released gradually by media and the exchanges since earlier this month.

The People's Bank of China, the central bank, ruled earlier this month that initial coin offerings are illegal, as it has become a tool to raise funds bypassing the traditional regulatory system.

The National Internet Finance Association of China also warned investors earlier that bitcoin and other "virtual currencies" lack a clear base for valuation, and have become tools for illegal fundraising, money laundering, drug dealing and smuggling.

Most Viewed in 24 Hours
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
 
主站蜘蛛池模板: 午夜神器18以下不能进免费观看 | 嫩草影院在线免费观看 | 日本在线播放一区 | 亚洲精品久久久久一区二区三区 | 亚洲在线播放视频 | 国产日韩精品一区 | 九一免费在线观看 | 日本视频在线播放 | 波多野结衣高清在线播放 | 日一区二区 | 亚洲区色 | 国产免费观看视频 | 天天色天天碰 | 国产精品久久久久久久久久红粉 | 国产精品久久久久久久网站 | 无遮挡一级毛片私人影院 | 成人在线免费小视频 | 久久香蕉国产线熟妇人妻 | 99色综合| 狠狠色噜噜狠狠狠狠黑人 | 国产一级做a爰片在线 | 精品欧美一区二区三区精品久久 | 日韩在线不卡一区 | 99久久精品免费 | 视频二区| 免费一二区 | 久久久人成影片一区二区三区 | 爱爱视频在线观看 | 公么吃奶满足了我苏媚 | 日产精品卡二卡三卡四卡乱码视频 | 亚洲综合国产 | 轻轻啪在线视频播放 | 浮力影院草草影院 | 久久大胆视频 | 人妻体内射精一区二区三四 | 精品国产一区二区三区成人 | 免费播放欧美一级特黄 | 欧美日韩在线视频播放 | 久久久久久黄 | 精品成人一区二区 | 霍元甲之精武天下 |