China expected to issue new rules for bitcoin tradingMay 12, 2017 - 15:58 AMT PanARMENIAN.Net - Beijing is expected to issue new rules for bitcoin trading in China next month as the cryptocurrency’s price on the country’s trading platforms keeps hitting new highs, RT reports. According to a Beijing-based media company Caixin citing anonymous sources; the People’s Bank of China (PBOC) is considering two regulations on the management of bitcoin trading platforms to prevent them from becoming money laundering sites. Analysts say the new measures may apply to foreign exchange and financing activities. Bitcoin traders may also be required to register with their real names. The regulator recently inspected domestic trading platforms after warning they risk being closed if found violating the country’s currency regulations. It is attempting to curb capital outflow following fears of continued weakness in the domestic currency. “There needs to be a clear bottom line for the management of bitcoin trading platforms and websites. A blacklist should also be set up. Activities such as trading or financing on margin and market measures such as commission-free trading must be banned,” said Zhou Xuedong, Operations Director at the PBOC. China accounts for about 90 percent of all bitcoin trading on exchanges. The country has strict capital controls, which makes it difficult for Chinese citizens to convert the yuan into foreign currency and limits the amount of cash investors can move abroad. This has pushed Chinese investors to use the digital currency as a way to circumvent capital controls and minimize risk from the falling value of the domestic currency. Demand for the virtual currency in China has been rising recently. As the world’s best-performing currency, bitcoin, set a new all-time high on Thursday, May 11 trading at over $1,800 to the US dollar. Related links: Top stories Yerevan will host the 2024 edition of the World Congress On Information Technology (WCIT). Rustam Badasyan said due to the lack of such regulation, the state budget is deprived of VAT revenues. Krisp’s smart noise suppression tech silences ambient sounds and isolates your voice for calls. Gurgen Khachatryan claimed that the "illegalities have been taking place in 2020." Partner news Most popular in the section | Russia clarifying reports on Baku’s alleged arms supply to Ukraine Russia says is carefully working to verify reports about alleged arms supplies from Azerbaijan to Ukraine Russia warns Armenia against “falling into West’s trap” Zakharova maintained, however, that anything that will benefit the people of Armenia can only be welcomed. CSTO: Armenia has not participated in secretariat’s work recently Recently Armenia has not participated in the work of the secretariat of the CSTO, Imangali Tasmagambetov said. Meeting with U.S., EU not against third parties, says Armenia The meeting scheduled for April 5 is dedicated to strengthening of the Armenia-EU-US cooperation, Yerevan added. |