More Potentially Fake Rumors Regarding Chinese Government Banning Bitcoin Exchanges Surface

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It has been a tough weekend for Bitcoin and all other cryptocurrencies. More specifically, unconfirmed sources claim the Chinese government wants to ban Bitcoin exchanges. Various Western news outlets have run this story as well despite not having a credible source for this information. It is highly unlikely such drastic measures will be taken, though. All Chinese exchanges recently underwent major KYC and AML upgrades, after all.

On paper, there is no reason for the Chinese government to ban exchanges whatsoever. All platforms adhere to PBoC regulation as we speak. A few months ago, all platforms had to undergo AML upgrades and everyone complied. There is no reason to think the government will undo that hard work less than six months later. It is true, they are cracking down on cryptocurrency ICOs and platforms trading said tokens, though.

Chinese Government Still Hasn’t Confirmed Anything

Both Bloomberg and WSJ report identical stories on what the Chinese government has planned. While both are somewhat reputable outlets, it is unclear where they got their information from. No Chinese exchange has been ordered to shut down or limit its services as we speak. Moreover, there are plenty of theories as to why this news is

Read more ... source: NewsBTC USA

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