People’s Bank of China Holds Meetings with Big Chinese Bitcoin Exchanges

The Chinese central bank is reportedly talking about money laundering, among other issues, with the exchanges.

The investigations of the Chinese central bank into the country’s bitcoin trading industry are not letting up. The People’s Bank of China is said to be holding meetings with the leading Chinese bitcoin exchanges today, this according to a report by Bloomberg.

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The exact nature of the meetings, their topics and the extent of the closed-door talks is not made public yet. However, officials from the Chinese central bank are reportedly talking about money laundering today with representatives of the venues, among other issues.

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Despite some fluctuations, the price of bitcoin remains strong today with the USD/BTC exchange rate at over $1035.

Background

The biggest story about bitcoin trading since the start of 2017 is the changing environment in China. Chinese exchanges, long the most active venues in the world, have been revealed to be under investigation by the central bank. This is leading them to halt margin trading and impose fees, dropping the model that made bitcoin trading so popular in China.

As a result CNY trading volume now averages less than 30% of the global market, down from complete dominance at 98%. And JPY volumes are now over 30% as Japanese bitcoin exchanges have picked up most of the market share lost by the Chinese.

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