The Chinese authorities have declared a severe war on Bitcoin, which is used to finance terrorism, smuggle money out of the country and fund startups by illegal and unacceptable ways.
I have previously mentioned the decision taken by the Chinese authorities to prevent the financing of start-ups through digital currencies. Rumors have been spread over the past period that China’s huge trading platforms will stop trading in the Bitcoin currency specifically.
This currency simply allowed the Chinese people to send large sums of money out of the country. It is known that China is one of the countries that do not allow the sending of more than the limits set by the Chinese authorities to maintain the strength of its currency in general.
Now these rumors, which I previously described them as false news because there was no official announcement, have begun to turn into reality. The BTCChina platform announced its intention to stop digital currency trading starting Sept. 30, while Bitcoin lost 25% of its value within a week.
· China moves to ban the Bitcoin currency trading!
The Wall Street Journal and many major media have confirmed that China is moving to ban the Bitcoin currency trading platforms or at least force them to stop trading this currency specifically.
But what prevented me from believing these reports before the clear official announcement, the famous mass media have a good record of fake news regarding the digital currency sector, especially the Bitcoin, in addition a number of them are serving the interests of large banks which are angry not to buy quantities of this currency when they were at a cheap price not exceeding a few dollars.
In contrast, I do not personally deny that Bitcoin appears to be a real bubble, and I have not invested in it, and don’t prefer it in general, unlike the Ripple currency. The latter is supported by a legal American company that provides the Blockchain services and techniques for banks, financial institutions, and money transfer services to speed up its operations and reduce costs. It has good relations with banks such as Al Rajhi Bank in Saudi Arabia and Abu Dhabi Bank in the UAE recently.
Now you have to believe that China, which was behind the rocket rise of the Bitcoin currency from the beginning of this year, decided to eliminate it simply.
· This is just the beginning of more declarations to stop supporting the Bitcoin
The Chinese authorities have issued a decision to reach the second largest Bitcoin trading platform in China which is the BTCChina platform. This decision requires this famous platform to stop trading in this popular currency.
The company said in a tweet on its official account that it will stop all trades starting from September 30, so investors are required to recover their money before the closure date.
The decision comes as a shock to many investors in China who are using this platform, which is also trading the Ethereum, which is the second largest digital currency in the world.
It is natural that this platform will be closed because it is basically based on the trading in Bitcoin and does not include the trading of other currencies such as the Ripple.
During the coming period, I expect to see the rest of the Chinese platforms announce similar endings, while some of them will prevent the trading in Bitcoin only.
End of article:
The decision to close the second largest Bitcoin trading platform in China and I’m talking about BTCChina makes us finally talk about the birth of the crisis i had predicted in previously which target Bitcoin. For investors in the rest of the logical digital currencies like the Ripple, they will have to move forward by keeping what they have and looking for buying more of them at the lowest possible price.
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