China orders cryptocurrency exchanges to shut down

PBoC bans RMB from bitcoin exchanges in mainland China

Crypto to crypto trading will still be allowed and exchanges, for now, if they choose, can carry on business without uncertainty on the RMB issue. The notice was signed by the Beijing city group in charge of overseeing internet finance risks and circulated online.

According to the report, these platforms have until September 20 to inform the government on how they will facilitate users' withdrawals and handle funds to ensure that investors' interests are protected.

On Thursday, BTC China tweeted that it will cease operations at the end of the month as the Chinese government ramps up its crackdown on cryptocurrencies.

Cryptocurrency is a new market, and governments are still struggling to figure out how to regulate this new store of value. Reuters and other media reported earlier this week that it planned to shut down the exchanges.

BTCChina, a major Chinese bitcoin exchange has announced that it will stop all new user registration and trading on September 30 due to increasing regulatory pressure from the Chinese government. Currencies like Bitcoin continue to be hard pressed to present as legitimate alternative monies when their value changes within hours.

China accounts for about 23% of bitcoin trades and is also home to numerous world's biggest bitcoin miners, who use vast amounts of computing power to confirm transactions in the digital currency.

This week, JP Morgan chief executive Jamie Dimon described bitcoin as "a fraud", saying it will "blow up".

Russian-Belarusian war games start, neighbours anxious
After these military preparations many troops stayed in the area to participate in the subsequent war with Ukraine. Hodges and other USA and European officials have stressed that the current exercises are probably just drills.

Mr Dimon told an investor conference in NY that if any of his traders were found trading Bitcoin he would "fire them in a second", and that Bitcoin was "worse than tulips bulbs", pointing towards a famous market bubble from the 1600s.

The fiat cryptocurrency is a digital currency which will be issued by the Reserve Bank of India (RBI) in place of the physical one at present, he said, adding that the central bank is studying this aspect at present.

Digital currencies are being developed by authorities such as the Chinese central bank, while tokens were stateless and did not have sovereign support.

There was no immediate word from other Chinese bitcoin exchanges about their plans.

Following China's ban on initial coin offerings of cryptocurrencies, the Asian country looks set to ban all digital currencies by the end of September.

"Any trading platform for any kind of so-called "coin" has no legal base of foundation in China."

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