Pboc ban bitcoin
Posted On 26.09.1965
The price of Bitcoins slumped on Friday, reacting to the move by the People’s Bank of China to ban financial institutions from using the currency. The price of the virtual currency dropped to 6,148. Friday at 5 pm pboc ban bitcoin Thursday’s high of 7,005.
01 yuan on BTC China, the country’s largest Bitcoin online trading platform by trading volume. The PBOC said Thursday that Bitcoins have no “real meaning”. Market players said the central bank’s warning probably dented investors’ confidence, and some holders of the currency sold their Bitcoins immediately after the PBOC warning. I read the warning and thought that in the future, Bitcoin might not be used and circulated in many cases. That’s why I sold all my holdings for about 12,000 yuan, with a profit of 4,500 yuan,” said Zhao Qun, a Bitcoin collector in Shanghai.
Other investors, however, said people shouldn’t read too much into the price slump, as Bitcoin trading is still active. Bitcoin prices are volatile because the outstanding amount of the virtual currency is limited, the current combined investment into the market is limited and any big capital moves can make prices gyrate,” said Shen Yang, a Beijing investor. In the past, Bitcoin prices have sometimes doubled within 24 hours or dropped more than 50 percent within a day. Judging by the price change on Friday, the value is quite stable,” said a Shanghai market insider who has knowledge of the real-time trading price and volume of Bitcoins in China and the global market. The biggest one-day gain came on Nov 19, when the Bitcoin price surged from 3,226. 01 yuan at the opening to 5,888 yuan.
Shen said Bitcoins are still accepted widely by some online e-commerce platforms and some brick-and-mortar retailers. Basically, you can live well without paying in cash and use only Bitcoins in China, thanks to the widespread acceptance of the virtual currency,” said Shen. THE WEEK Dec 6: In your face! Without written authorization from CDIC, such content shall not be republished or used in any form. 768 or higher resolution are suggested for this site. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.
The People’s Bank of China has a new governor, Yi Gang. In the past, Yi has used positive terms to describe bitcoin. China’s National People’s Congress voted to approve President Xi Jinping’s nominee for central bank governor on March 19. With Liu He, the president’s leading economic advisor, also ascending to the position of vice premier that Monday, some are speculating that Yi will play a supporting role to Liu in drafting the country’s economic policy. After being appointed, Yi said that the “main task is that we should implement prudent monetary policy, push forward the reform and opening-up of the financial sector, and maintain the stability of the entire financial sector. As governor, he is expected to continue pursuing the liberalizing agenda of Zhou Xiaochuan, his predecessor in the role. Last week, while still governor, Zhou speculated that digital currency could someday replace paper money in China’s economy.