BTC China, one of China's largest e-currency platforms, has announced that it will stop trading on Bitcoin by the end of September, with Chinese authorities warning of potential investment risks.
China's e-currency trading platform, which operates an international exchange in Hong Kong, will stop all digital transactions as of Sept. 30, BTC China said in a statement on Thursday.
The company said the decision was based on guidance from the Chinese authorities on September 4, which showed concern about the risk of investing in electronic currency markets, with a view to imposing a ban on the launch of new currencies to subscribe.
The registration process for new users on China's digital trading platform will be suspended since Thursday, the statement said, adding that this does not affect trading on the Hong Kong Stock Exchange.
Asian investors spent 2.6 billion yuan ($ 397 million) on e-bills during the first half of this year, according to Chinese statistical data.
E-currency went through a loss of more than a week after those actions and questioning the investment threats occupied the new financial instrument.
The e-currency markets were hit by many negative factors this month as UK financial authorities warned of the risk of public offerings and similar criticisms of JPMorgan.
E-currency continued to decline during the day as the currency of "bitcoin" fell by more than 8% at $ 3531.6 dollars.
The electronic currency of etherium also widened its losses by 9.2% to $ 244, and the currency of the "BitcoinCash" fell from 12.3% at 427.3 dollars.
Too many altcoins have popped their noses into the marriage of China and Bitcoins, leading to the relationship touring sour.
Prior to altcoins, Bitcoin and China were doing fine. They were even expecting a child called NEO, until the Chinese began to flirt with altcoins under the excuse of ICOs.
The result was a series of genius and fraudulent ICO schemes, causing the government to put ICOs and Bitcoin exchanges on hold. There has been so much confusion in the air since then.
In this concise report, we will explain to you everything you need to know about the Bitcoin - China affair and how it will affect Bitcoins.
