China Orders Bitcoin Exchanges In Capital City To Close (bbc.com)

An anonymous reader quotes a report from BBC: China is moving forward with plans to shut down Bitcoin exchanges in the country, starting with trading platforms in key cities. All Bitcoin exchanges in Beijing and Shanghai have been ordered to submit plans for winding down their operations by 20 September. The move follows the Chinese central bank's decision to ban initial coin offerings in early September. Top exchange BTCC said it would stop trading at the end of the month. Chinese authorities decided to ban digital currencies as part of a plan for reducing the country's financial risks. All exchanges are required to send regulators a detailed "risk-free" plan of how they intend to exit the market before 18:30 local time on Wednesday 20 September. The regulator also ordered the exchanges to submit DVDs containing all user trading and holding data to the local authorities. Shareholders, controllers, executives, and core financial and technical staff of exchanges are also required to remain in Beijing during the shutdown and to co-operate fully with authorities.

Comments

Re:interesting

[gravewax]

I would not bet on its demise nor would I bet on it holding its value. The impact of the chinese shutdown is yet to be felt, it will depend heavily on how much dodgy money was being funnelled through bitcoin as a way to hide money leaving china, that impact won't be known for a while yet, nor will the impact of exchanges handing over all the details of buyers and sellers.