Breaking: Bitcoin Price Crashes as China’s PBOC Performs “On-Site Checks” of Major Exchanges

In significant news coming out of China, China’s central bank – the People’s Bank of China – has revealed that it carried out on-site checks on major Chinese bitcoin exchanges in Beijing and Shanghai.

Bitcoin’s soaring value and trading in China has evidently caught the eye of authorities who are now clamping down on capital outflows that they believe is taking place via bitcoin, while the yuan continues to depreciate.

In a public notice, the Shanghai branch of the PBOC revealed it carried out spot checks today (Wednesday) on BTC China.

A roughly translated statement reads:

The People’s Bank of China Shanghai HQ, the Shanghai Municipal Finance Office and other units formed a joint inspection team to carry out site inspections on Bitcoin China, focusing on checking whether it was operating beyond its business scope, whether it was engaging in unlicensed forex, payment, financing and other related businesses; whether it engaged in market manipulation; implementing anti-money laundering, financial security risks and so on.

A separate notice by the Beijing office of the PBOC

Read more ... source: CryptoCoinsNews

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