Bitcoin's value nosedives as Chinese regulators apply pressure

What Is a Cryptocurrency and How Does It Work? Ethereum Litecoin Dash and Other Bitcoin Alternatives Explained

What Is a Cryptocurrency and How Does It Work? Ethereum Litecoin Dash and Other Bitcoin Alternatives Explained

The Wall Street Journal reported on Monday that the Chinese government and the country's central bank meant to shut down bitcoin exchanges.

Earlier this month, the Chinese central bank prohibited the controversial fundraising method, urging the termination of current campaigns and imposing companies that raised funds through ICOs to refund investors.

The bitcoin price was down 5% at $3,071 at 1036 GMT on USA exchange Bitstamp.

Bitcoins are meant to serve as an alternative for normal currencies and is not controlled by any country or central bank, making it an easy way for people to do business beyond the reach of government regulation.

The CEO of JPMorgan Chase Jamie Dimon has denounced the bitcoin cryptocurrency as a fraud, bound to fail.

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Bitcoin captivated the attention of financial markets this summer as the developer community embraced a new mechanism to improve usage and avoided what was labeled as a potential civil war, raising the profile of the digital ledger and fueling the speculative price rise.

China's cryptocurrency exchanges have been instructed to halt their operations, multiple news outlets have reported.

The cryptocurrency ban will only apply to trading on exchanges, people familiar with the matter told Bloomberg on Monday.

China's bitcoin exchanges have received instruction that they will need to stop new user registration from today, September 15.

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.

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As if the Bitcoin price has not retraced enough already, more volatility is erupting across all markets.

Investors in China contributed up to 2.6 billion yuan, or $397 million, worth of cryptocurrencies through initial coin offerings in January-June, state-run media have said, citing data from the National Committee of Experts on Internet Financial Security Technology.

While many developed countries in the West and Asia allow digital currencies to be accepted as payments and have rules about taxation of gains, some emerging countries view them as an illegal form of payment.

Regulators around the world are in the midst of working out how to address some of the risks around virtual currencies.

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