RATE Group | Bitcoin Drops to $7,000 as China Vows to ‘Dispose of’ Local Exchanges
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Bitcoin Drops to $7,000 as China Vows to ‘Dispose of’ Local Exchanges

22 Nov Bitcoin Drops to $7,000 as China Vows to ‘Dispose of’ Local Exchanges

Posted at 10:32h in Bitcoin News by

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Cryptocurrency exchanges operating illegally in China face a new threat after the central bank announced it would take new steps to uphold its trading ban.

In a statement on Nov. 21, the People’s Bank of China (PBoC) warned it was taking action against entities allegedly involved in trading cryptocurrencies such as Bitcoin (BTC).

PBoC: Exchanges “will be disposed of immediately”

The move was in response to a rise in trading activity following China’s public endorsement of blockchain technology, it said. 

Pledging to keep its promise to outlaw trading, the PBoC vowed to “dispose of” any such activity it discovered under its jurisdiction.

“Once it is discovered, it will be disposed of immediately, and it will be prevented from happening early,” a translation of the statement reads.

As Cointelegraph reported, multiple rumors currently abound about a crackdown on legitimate cryptocurrency businesses’ Chinese outposts. On Thursday, attention focused on alleged police raids…

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