“the news is probably more like a a catalyst for some retracement(cooldown) of an overheated market anyway. The price surges we have seen over the last 2 weeks have been quite exaggerated. We might see now some days/weeks of a more stable price development,” he stated. We are also in regular exchange with officials of the State Bank of Vietnam in order to bring our industry insights to the table while making sure we are in compliance with all applicable laws and regulations. I think this is just the natural state of things if you are serious about building a long-term perspective for your business.”
The inquiry launched by the People’s Bank of China into BTCC, OKcoin and Huobi Bitcoin exchanges on Friday January 6 may be a catalyst for some retracement – a temporary reversal in the direction of a price that goes against the prevailing trend – in the market, said Dominik Weil of Bitcoin Vietnam.
In an email to 8btc, Weil says :
According to Caixin, China’s top financial news media, PBOC has told the threes exchanges that the devaluation of yuan should not be mentioned in their promotions and has reiterated the importance of Anti-money Laundering Law of China. Furthermore, PBOC said the three exchanges should not conduct off-line promotions in China. Specifically, PBOC has warned BTCC that fake trading records(machine transactions) shall not happen again.
Chinese government’s policy and behaviors are always subtle and important. The “inquiry” in Chinese literally means “to meet and talk”( yue tan 约谈). In Chinese Stock Exchanges, CEO of companies whose stock price is abnormally volatile or whose capital operation has potential to greatly impact the market like major acquisition and buy-out could be inquired by China Securities Regulatory Commission. The inquiry in many cases is just a softened reminding or if any, warning. It can also be the initial stage of an investigation in some cases, though.
Please follow 8btc news for more interpretations of Chinese policies on Bitcoin.
Some people think the inquiry should not be overstated and over interpreted.
In the announcement of BTCC, it reads:
While it is being misconstrued for a ban by some media, the meeting neither mentioned a ban on Bitcoin-related trading nor any other form of restrictive measure on Bitcoin trading itself.
In a short statement from BTCC regarding the announcement, the Chinese exchange which touts itself as the longest running in the world, notes that the meeting with the PBOC was not the first of its kind and that the press release issued only outlines the significant volatility in Bitcoin trading and a reminder that the digital currency does not have a legal tender status.
The meeting with the three exchanges that account for 90% of the global Bitcoin trading was meant to remind the exchanges of their need to operate in accordance with the laws and regulations of China and to conduct self-examination. It comes after the price of Bitcoin recorded a wild volatility in a couple of days.
BTCC has participated the meet-up with PBOC and Financial Office of Shanghai. It has introduced the current status of BTCC. BTCC will operate strictly in accordance with Chinese laws and regulations as it has long been done. BTCC will actively conduct self-examination and correction of any irregularity. BTCC will firmly help government to uphold market stability and guard interests of investors. BTCC’s reminder:In accordance of Joint Notice of People’s bank of China, Ministry of Industry and Information, China Securities Regulatory Commission China Banking Regulatory Commission on Bitcoin Risk Prevention, Bitcoin is a specific virtual goods. It is not law-based and compulsory like currency thus does not have the legal status as a currency. It shall not, should not be circulated as a currency in the market. Individuals and agencies should properly treat virtual goods and virtual currency. They should invest with rationale in Bitcoin and thus bear the possible risks by their own.
Richemont Director Jin Keyu Joins Blockchain Startup as Adviser
Richemont, the Swiss luxury goods giant that owns Cartier, will potentially utilize blockchain in a move aimed to bring transparency to its supply chain.
Jin Keyu, a renowned economist and an assoc
Thailand Is Planning a 'Bond Coin' for Faster Securities Settlement
A self-regulatory organization in Thailand is planning to create a custom token aimed to speed up corporate bond settlement in the country.
The Thailand Bond Market Association (TBMA) said it has r
G20 Watchdog Releases Framework for 'Vigilant' Crypto Monitoring
The Financial Stability Board (FSB), an organization focused on analyzing and making recommendations to the G20 on global financial systems, has presented a framework for monitoring cryptocurrency ass
Report: World's Biggest Asset Manager BlackRock Exploring Bitcoin
Global investment management company BlackRock is reportedly mulling a move into bitcoin.
According to a Financial News London report on Monday, the New York-based asset manager has now set up a wo
A Crypto Exchange Is Buying Back $24 Million-Worth of Its Own Tokens
FCoin, a new cryptocurrency exchange that saw spiking trading volume recently due to its controversial revenue model, has revealed a plan to buy back millions of its own tokens to provide capital for
Hong Kong's Blockchain Trade Finance Platform to Go Live By September
The Hong Kong Monetary Authority (HKMA), the autonomous Chinese territory's de facto central bank, is poised to launch a live blockchain trade finance platform within two months.
"The Trade Finance
Peter Thiel, Bitmain Co-Founder Invest in EOS Developer Block.one
EOS protocol maker Block.one has received new backing from a number of big-name investors, including PayPal co-founder Peter Thiel.
In a fresh round of funding – the amount of which was not disclos
Court Approves Alleged Bitcoin Money Launder's Extradition to France
A Russian national accused of laundering billions of dollars on the now-defunct crypto exchange BTC-e could soon be extradited to France following a court decision.
Since his arrest last summer, Al