No, China is not conspiring to destroy the bitcoin market

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I see a lot of posts with conspiracy fears. I want to remind you that withdrawals are halted in order to implement AML (anti money laundering) policies:

The exchanges simply need time to implement a tracking system on the blockchain to check whether Chinese people convert their bitcoins into foreign currencies (mainly dollars) after withdrawal.

That is why :

  • ProBTCC stopped trading BTC/USD yesterday (people could too easily buy BTC with CNY and sell for USD).
  • BTCC halts withdrawals for 10 days only (they are known to have already a tracking team).

TL,DR: China could ban Bitcoin, it would be simpler. Instead, China is making Bitcoin compliant with its law. It's very bullish.

submitted by /u/barthib
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1 Bitcoins

Bitcoin News and Search

1 News - 247 News - 247 Bitcoin - 1 Search


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