by: Mike Adams
Thursday, September 14, 2017
Bitcoin cultists who believed they had discovered a perpetual money generation shortcut that bypassed the laws of economic reality are suddenly shocked to discover that governments can regulate Bitcoin out of existence. In fact, it looks like China is beginning to accomplish exactly that.
Shanghai-based bitcoin exchange BTCC has announced it will be closing down its China-facing trading operations effective September 30.
In statements on Twitter and on China-language social media, the oldest cryptocurrency exchange platform in the world’s largest market said it would immediately stop onboarding new users, but that its mining pools and international exchange would continue to operate normally.
At press time, the statement is the latest to seemingly confirm China may be on the verge of a broader effort to curb domestic cryptocurrency activity, following yet another report by a local financial news source indicating that regulators are preparing a formal ban on domestic bitcoin exchanges.
Bitcoin prices, of course, plunged yet again, now dropping 25% from its recent high. As MarketWatch reports, $23 billion in Bitcoin valuation just evaporated in mere hours.