Friday, September 15, 2017

Crypto News: Chinese Bitcoin Exchanges Face Stricter Regulation and Licensure

Chinese Bitcoin Exchanges Face Stricter Regulation and Licensure

Last week new.Bitcoin.com reported on rumors of China banning bitcoin, while cryptocurrency markets tumbled due to the negative news. Many reports from mainstream media detailed that the digital currency was deemed ‘illegal’ in China, even though there was no confirmation of this from regulatory officials. Bitcoin proponents also saw tweets from Litecoin creator, Charlie Lee, stating that China “finally banned bitcoin exchanges,” but the tweet was later deleted.

Later Bitmain’s Jihan Wu explained to his Twitter followers that “China has not banned bitcoin.” Further Mr. Wu detailed that exchanges needed licensure and the same thing would happen in the U.S. if trading platforms didn’t have a license.

“None of the bitcoin exchanges in China have licenses that are required for order book exchange,” explains Mr. Wu via Twitter. “Such law is older than bitcoin. Because some establish in China that Bitcoin exchanges need to stop operations right now does not mean that they cannot open again once with a license.”

"If a bitcoin exchange operates inside U.S. without a license for years and later is asked to stop operating. Is the U.S banning bitcoin?"


Full story at http://bit.ly/2x6vpJ3


Source: Bitcoin News


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