An instruction was made by the China on the business news regulators in Shanghai and the country's that the exchanges will be shut down at the end of September
As many of the rope country's exchange has decided to close down Operations by September ending
Before this we know that Chinese ban ICOs that it an unauthorized way to raise funds which happen last week
China accounts for about 90% of all bitcoin trading on exchanges, and demands for the currency was on the rise.
Beijing, with a strengthened control over bitcoin trading platforms to prevent them from becoming money laundering sites. Or any scam activities It tried to curb capital outflow following fears of continued weakness in the domestic currency.
The country has strict capital controls, which makes it difficult for Chinese citizens to convert the yuan into foreign currency and limits the amount of cash investors can move abroad.
This has pushed Chinese investors to use the digital currency as a way to circumvent capital controls and minimize risk from the falling value of the domestic currency.
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