Report: Chinese Authorities Considering Bitcoin Regulation; Price Falls

Bitcoin price struck a low of $845 (at the time of publishing) from a high of $918.4 on the Bitstamp Price Index for the day as China’s financial regulators are reportedly seeking opinions on how to regulate the trading of bitcoin.

According to a report by China Daily, the country’s financial market regulators have inquired on how exchanges work during times of major price moves during last week’s much-publicized meetings with executives of major bitcoin exchanges.

Whilst seeking opinions on how to regulate trading of the cryptocurrency, a proposed move “may include setting up a depository platform” the prominent daily newspaper revealed, citing a source.

The daily points to a handful of authorities’ concerns surrounding bitcoin trading. These include focusing on the transparency of bitcoin trading, the possibility of the cryptocurrency used as a channel for capital outflows and safeguarding traders’ rights.

In an emailed statement to CCN, Chinese exchange BTCC – one of three bitcoin trading platforms spoken

Read more ... source: CryptoCoinsNews

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