A People’s Bank of China (PBoC) counselor has said economies adopting cryptocurrency “could collapse” from volatility. Sheng: Crypto Volatility Would Ruin Economies Speaking in an interview with Chinese news portal Yicai, Sheng Songcheng said that this “volatility” was an inherent problem with currencies such as Bitcoin. Songcheng warned: Virtual currencies are highly volatile, and fluctuations in their prices can easily reach 10 to 30 percent. […] If a country accepts one of them as its
Tag Archive: People’s Bank of China
Bitcoin, News, News teaser Bitcoin, Blockchain Technology, FinTech, News
China’s central bank announced the assembly of a Financial Technology (FinTech) Committee aimed at studying the impact of financial technology in the country. China’s New FinTech Committee Today, the People’s Bank of China (PBoC) announced the assembly of a Financial Technology (FinTech) Committee. Aimed at studying the impact of financial technology, the FinTech Committee will “organize in-depth research into the influence of FinTech development on areas including monetary policy, financial markets, stability and payment clearance”.
Bitcoin, Bitcoin Exchange, Bitcoin Regulation, News, News teaser
LocalBitcoins has recorded an exponential 1,200% surge in China trading since the country’s exchanges started reacting to pressure from the People’s Bank of China (PBoC). 36 Million Yuan Per Week and Counting The week ending February 18th was the best on record for the peer-to-peer marketplace, which registered a global high of over $24 million USD in transactions. The Chinese market, until just a few weeks ago practically dormant, saw a giant 36 million yuan
Bitcoin, Bitcoin Exchange, Breaking News, News, News teaser
Bitcoin’s price dropped slightly after the People’s Bank of China (PBOC) published a summary of its findings after inspecting major Chinese exchanges. PBoC: ‘Continued Focus’ on Exchange Activities “According to the initial inspection and the problems found, the inspection group decided to continue to focus on payment and settlement, anti-money laundering, foreign exchange management, information and financial security and other aspects of further inspection,” the translated statement reads. Investigators suggested that investors should pay attention to
Bitcoin, Bitcoin Exchange, Bitcoin Regulation, Breaking News, News, News teaser
Bitcoin started dropping in price once again Wednesday after Chinese authorities stated exchanges “were violating rules.” PBoC: Rules ‘Violated’, AML Measures ‘Not Sound’ Inspections conducted on Huobi and Okcoin by a joint group of overseers including the People’s Bank of China (PBoC) revealed what a statement calls “margin trading which violated rules, resulting in abnormal price fluctuations on the market.” “During the inspection, it has also been discovered that these platforms had not established [a]
Bitcoin, Bitcoin Price
Bitcoin’s recent bull run ended with a thud on 3rd November, reaching above $740 before crashing to around $685 in just a few hours. Was a rumor of further Chinese restrictions on Bitcoin exchanges to blame? And if so, how accurate is the news? Also read: AirBitz and WINGS Partnership Secures Future of DAOs Chinese Rumors Start to Spread… Again Dramatic financial news site ZeroHedge reported on 3rd November that Chinese regulators “are considering policies including restricting
Bitcoin Breaking News Brief, Breaking Bitcoin News, Breaking News, News, News teaser
Yesterday’s news regarding the Chinese stock market once again showed how brittle the global economy is at this point. With stocks tumbling slightly over 7 percent, trading was suspended a few hours before the markets closed. Things did not get off to a good start earlier today, as an early 2% loss was worrying a fair few investors. But things calmed down once the People’s Bank of China intervened and poured money into money markets.