Top exchange shuts down in China

One of the biggest bitcoin exchanges in China and the world announced yesterday that it would stop all trading following new Chinese government regulations clamping down on crypto-currencies.

The international value of bitcoin has plunged in recent days amid speculation that the Chinese authorities will shut down the trading platforms following last week’s ban on initial coin offerings.

BTCC — China’s second bitcoin platform in terms of volume and the world’s third largest — said on its Twitter account that “after carefully considering” the announcement by Chinese regulators, it will “stop all trading” on September 30.

The Chinese central bank’s announcement last week meant that Chinese firms would no longer be able to issue electronic currency units to raise funds. Following the decision, the National internet Finance Association of China said there was “no legal basis for platforms which engage in the trading of ‘virtual currencies’”.

The association, which was created by the central bank, warned that such currencies are “increasingly used as a tool in criminal activities such as money laundering, drug trafficking, smuggling, and illegal fundraising”. a proof of work with massive amount of super computers and electricity. What does it costs to create a US dollar.”