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Top China Bitcoin Exchange Shuts Down

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Beijing – One of China’s biggest Bitcoin markets is closed. This was done following the Chinese Government’s ban on the virtual currency.

Bitcoin exchange rate has been down in recent days because of the Chinese government’s refusal. With this news, Bitcoin’s value is expected to weaken again.

BTCC, which is the second largest Bitcoin market in China and third in the world, said it will no longer serve the cryptocurrency transaction through an announcement on Twitter.

“We will stop all trading starting September 30,” said BTTC Twitter account as quoted by AFP on Thursday (14/09/2017).

China’s central bank has banned local companies to stop transactions related to the virtual money.

“There is no law that can be the basis for trading virtual money,” says The National Internet Finance Association of China.

The association set up by the central bank warned that virtual money could be dangerous and misused for money laundering, drug selling, smuggling and other illegal activities.

Bitcoin exchange rate fell today, to the position of US $ 3,640 per chip from the previous record highs of all time in early September of US $ 4,359.

China controls about 22% of the world’s Bitcoin trade through a market called BTCC and Okcoin.


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