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Will China succeed in eliminating Bitcoin?

2017-09-12 07:53 pm | No Views : 488

Will China succeed in eliminating Bitcoin?

China is considering shutting down the electronic trading exchanges "Bitcoin", which showed dissatisfaction of traders in the currency markets in Beijing, the value of 150 billion USD.
The Chinese move came after concerns from the world's second-largest economy about the rising status of the "Bitcoin" in China's financial system amid a government focus on preventing real capital from escaping into digital or virtual currency.
Last Friday, Chinese media reported China's e-currency trade embargo, followed by a significant drop in the trading price, with the virtual currency dropping 10% to 4,886 $, compared to 4,600 $ in Thursday's trading.
This shocking move sent horrifying messages to the e-currency market, hundreds of companies that have recently emerged to take advantage of the virtual currency, or who deal with them online.
Western reports quoted two top Chinese-based tellers, OKCoin and Huobi, as saying that there was no new instructions or information on the local authorities' intention to prevent electronic currency trading, while the central bank of China Remained silent on this information, and no confirmation or denial was given.
The currency depreciated by 7 percent in 2016, after most of the trading took place in the country's currency, making the virtual currency a big boom since March, which encouraged some countries, including Japan to ease The severity of the restrictions on buying and selling through the Bitcoin.
China is a major center for the currency of the "Bitcoin", created by an unknown programmer during the financial crisis in 2008, an alternative to the official paper currencies, and last January, before the development of new rules for trading in the currency of "Bitcoin", conducted more than 80% of commercial activities across This currency is through the Chinese Yen.
E-currency speculators have received warnings from financial regulators of the world's largest economies to show coordination. Organizers do not prohibit anything without prior warning, so as not to hurt ordinary investors with limited experience.
There was confusion on the speculators after hearing the news, which resulted in a large sale of this currency, causing prices to fall.
Although the price of Bitcoin is far below its peak of about 5,000 $ at the end of last week, it is still up 35% last month.
 At the beginning of the year, the value of the Pitcairn was less than 1,000 $ per unit. Market watchers until last July feared a further collapse in value as a result of an "internal conflict among dealers" about their future.
But the value of the currency has since risen since the players involved in the implementation of a plan allows digital currency technology to complete more transactions every minute, and continues to obsession with digital currencies at the moment, but the idea of ​​long-term investment is another matter, with increased risks in the coming period , And the idea of ​​digital currencies depends on some exaggerated and flawed assumptions, the most important idea that governments will stand idly by, to see the prosperity of these currencies.
 Your dear reader can use the digital currency to buy ordinary things, but beware in return can be used by tax evaders, drug dealers, money launderers and other criminals.
No matter how much money the speculators have collected, they will be worthless if they are put on the ground in a clear sign of their growing risks. Will China succeed in going to the news? This is explained in the coming days in the forex markets.

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