Since yesterday, a news from CaiXin, news media from China has booming around the crypto group. Based on the news, China will be shutting down the exchange of all virtual currency including those that are not involve in ICOs. This means there will be no more coin exchange with RMB.
The market respond the news by dropping as much as 20% especially the China Based Coins like NEO and QTUM. The China Coin Exchange Platforms have since announced that they have not heard of such policy from China government. However, the market remain stagnant and flowing between USD 4300 - USD 4200 for BTC.
Now i have read through multiple sources from China Forum the latest update is from below:
【部分平台曲解监管意图：只下线ICO代币 其他多只代币仍可交易】财联社9日讯，4日监管出台后，多数平台只下线ICO代币，其他多只代币仍可交易。接近监管层人士表示，这种行为明显曲解了监管规则，也明显违背了监管初衷。即便没有进行ICO的加密代币，也是充斥着虚假项目，在交易平台上交易，即是融资行为。从知情人士处获悉，目前各ICO平台和交易平台，以及绝大多数虚拟货币交易平台，均已被监管部门盯紧。但投资者只会有持有币种价跌的风险，而不用担心资金安全问题。（界面）
My interpretation:
There are misunderstanding of the government intention by certain media. The government has no intention on banning crypto coins. The target is only towards those ICOs with fraud and illegal money laundering. Currently, all ICOs and Coin Exchange platform has been closely monitor by the government. Investor will only face the risk of investment (coin price), but not have to worry on the capital at the platform.
Based on the current trend, it is less likely that China Government will implement total ban on all the virtual currency. Blockchain technology is too big to ignore and although the Crypto coins are not necessary, they might invoke certain revolution in the area and it will not be wise for the nation to be left out.
Just a quick sharing, the market is recovering though not sure how long it will last. As there are many news surrounded, always make sure you understand what have you invested and the risk.
