Reports indicate that the bitcoin exchange executives are forbidden to leave the country. A travel ban has been instigated while the central government of China attempted to "clean up" the industry crypto-to-nation.
Bitcoin Exchange Chinese executives reported Must Needed to Stay in China During the Government Cryptocurrency "Clean-Up"
It has been reported that China bitcoin exchange executives have to stay in China during the government crackdown and "cleansing" crypto-cardiac industry nationwide. A rough translation of a story published by Bjnews China stated that "a number of sources of information saying that executives currency trading platform specifically not allowed to leave Beijing to cooperate in the investigation. In accordance with regulatory requirements, shareholder trading platform, controlling real-time, executive and financial executives should cooperate fully with the relevant work in the cleaning period in Beijing. "
Travel ban allegedly also been reported by the Australian Financial Review (AFR), which states that an anonymous source close to the exchange kriptocurrency main Huobi told the AFR that the founder Huobi, Li Lin, should "report to the authorities and cooperated with their work in time "- which requires that Li Lin had to remain in China.
Increased regulatory presence in the crypto-cardiac industry of China has significantly reduced the dominance of China's position in bitcoin market since last year. China trade is currently estimated at less than about 10% of global trade volume, compared with about 90% during the year 2016. Analysts estimate the market share of China's trade bitcoin fell further after all of China's major bitcoin exchanges have ceased operations. , Which is estimated to have occurred before the end of October.
Travel Ban Comes After Significant Expansion of Cryptocurrency China Crackdown
Increased intervention crypto-Korean Chinese industry in the country led to a lot of people in forecasting future events rocky for China's economy in terms of bitcoin. An anonymous bitcoin traders told the AFR that "China is the country with the most favorable approach towards bitcoin but has changed very quickly become the most hostile country for digital currency ... I'm not too optimistic about the future of bitcoin in China." MGT Capital John McAfee go as far as describing the actions of China recently as "the beginning of the war between government supporters and the crypto world" in a recent interview with Chinese media.
Reports about the travel ban against China's executive bitcoin exchange comes after the announcement confirming that the Chinese government will extend the crypto-kowanya crackdown to target all bitcoin exchanges operating in China. The ban is also expected to target trade over-the-counter (OTC), including those that occur through WeChat messaging app - which has encouraged the migration of users to the Telegram recently.
Many analysts link the crypto-Korean crackdown on China's main economic policy which was introduced in July. The policy is designed to reduce high-risk speculation in the entire Chinese economy, which further tighten control over the circulation of financial Beijing over China. Martin Chorzempa of the Peterson Institute for International Economics recently wrote that "tough action is consistent with broader efforts to reduce the risk of financial market perceived by Chinese policy makers."