In the last week, rumors had been swirling that Chinese regulators would shut down Bitcoin exchanges, and today, several cryptocurrency exchanges including BTCC, ViaBTC, Yunbi, OKCoin and Huobi were reportedly ordered to stop trading by the end of September. This comes just after China's Internet Finance Association stated on Wednesday that Bitcoin lacks a legal foundation.
China’s withdrawal from Bitcoin trading will have a negative impact on the cryptocurrency, since 23% of Bitcoin trading activity happens in China. Some experts believe that Bitcoin exchanges will re-open once additional regulations are in place, although at this point there is a great deal of uncertainty.
China’s crackdown on Bitcoin trading has also revealed divisions in beliefs surrounding the cryptocurrency. Some believe Bitcoin is truly a legitimate currency, although others assume it is a "fraud" as Jamie Dimon asserted on Tuesday.
Full story at http://bit.ly/2xcsMW4
Source: Forbes
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