Bitcoin's spiking prices have been driven almost entirely by Chinese money-launderers trying to beat the country's currency controls -- controls that have tightened so much that it's tanking the world's real-estate markets as offshore buyers abandon their deposits and disappear.
Now, China's top three Bitcoin exchanges have frozen all withdrawals for 30 days.
Multiple private Chinese Bitcoin mining operations have more than enough compute-power to overwhelm the blockchain and tank Bitcoin altogether (and have refrained thus far because Bitcoin is worth more to themselves as working mechanisms than as cautionary tales about the problems of proof-of-work), so this isn't anything like the nuclear option for the Chinese government.
Starting with January 2016, the People's Bank of China introduced harsher regulations for crypto-currencies, aimed at countering money laundering.
The new "inspection and verification system," which Chinese traders are currently implementing, is meant to ensure that no person buys and moves a foreign currency over a limit of $50,000.
The central bank also started investigations into the practices of several Bitcoin trading platforms that were offering too-good-to-be-true offers, such as zero-trading fees.
Ever since authorities have cracked down on the local Bitcoin traders, Chinese Bitcoin users have moved operations overseas.
Coindesk, a cryptocurrency-centered news portal, points to a virtual exodus of Chinese users to other traders, with trading activity visibly going down at The Big Three.
China's Top Three Bitcoin Traders Freeze Withdrawals for a Month
[Catalin Cimpanu/Bleeping Computer]
China’s President Xi Jinping said the nation faces a “grave situation” as the number of deaths in the Novel Coronavirus 2019-nCoV outbreak jumped to 42 on Saturday.
China confirmed an additional 15 deaths on Friday from the so-called Wuhan virus, officially known as Novel Coronavirus 2019-nCoV. Wuhan, the Chinese city of 11 million where the outbreak sparked, is in virtual lockdown. Around the world, 1,000 people are now confirmed infected with the new virus. Health authorities are working to prevent a global […]
The idea of paid protesters is a favorite of the right, though as always, the thing you accuse your opponents of inevitably turns out to be the thing you're doing yourself (Trump paid actors to cheer his presidential campaign announcement and big industry groups pay actors to protest regulations that undermine their profits).
Boxed wines have come a long way since their admittedly subpar debut, and it’s now possible to grab a box of wine that delivers a surprising amount of flavor and body for a price that won’t break the bank. This Boxxle Premium Wine Dispenser makes it even easier to enjoy your favorite bag-in-box wine by […]
If you’re interested in either beginning or furthering a career in graphic design, you need to have a thorough understanding of Adobe’s famed editing and illustration tools, and these bundles will get you to where you need to be for a fraction of what you’d pay for an in-class education. 1. The Essential Adobe Photoshop […]
Laptops are great when it comes to getting work done on the move, but sometimes you need a better and more responsive keyboard in order to get your work done away from your desktop. Here are six top-rated Bluetooth keyboards that will help you power through your tasks both at the office or while you’re […]