In China, Bitcoin Faces Tonal Bias as Blockchain Tech Flourishes

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Across China, blockchain technology is recognized as an increasingly important development; however, bitcoin as a “virtual good” in China is facing yet another challenge from the People’s Bank of China (PBOC).

On May 10, 2017, China’s top-tier financial media outlet, Caixin, reported that “according to a person close to PBOC, PBOC will soon issue a notice of penalties to BTCC, OKCoin and Huobi for irregularities based on its previous inspection in the past few months. The major problems are [related to] illegal margin trading services and lack of internal controls for anti-money laundering. The related penalty details have already been confirmed internally; all that is left to do is go through approval procedures.”

Caixin also stated that, according to their source, further “regulation on bitcoin exchange and regulation on anti-money laundering systems for bitcoin exchange will likely be released in June.”

“A person close to PBOC” is a common citation used by Caixin. Considered to be the most influential media in China’s economic and political sphere, Caixin is usually the first outlet in China to disclose any news from the PBOC related to Bitcoin, and always has insider access. It is, in effect, a mouthpiece by which the PBOC communicates with bitcoin

Read more ... source: Bitcoin Magazine

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