Markets for bitcoin and other digital cryptocurrencies dipped by more than 7% on February 9th, following news that the People’s Bank of China, the country’s central bank, was tightening regulatory pressure. The PBoC met Wednesday with the country’s major Bitcoin exchanges to push for full compliance with anti-money laundering rules. As detailed by CoinDesk, the price of Bitcoin dropped from around $1,063 dollars to around $988, before recovering slightly to around $1,000 by Sunday.
Following the meetings, two of China’s largest bitcoin exchanges temporarily halted the withdrawal of bitcoin and another currency, litecoin. The move did not affect the withdrawal of yuan, and the companies said the halt would last one month while they improved protections against money laundering and other illegal activity.
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