Chinese authorities are planning to silently add new additions to the ban on cryptocurrency exchanges.. According to the article shared by Bloomberg, Chinese authorities will add “market-builder” platforms and similar services to their ban on cryptocurrency exchanges. In the country, where exchanges providing crypto-state money conversion have been closed since September, the authorities now have “stock exchange-like services” at their target. and does not provide any information on “how regulators define these platforms.”
The “increase” in trade volume is cited as the reason for this move from China. Cryptocurrency exchanges in China were closed in January, and Chinese investors began to look for different alternatives.. Among these alternatives are peer-to-peer and over-the-counter platforms.
Localbitcoins, a popular peer-to-peer trading site, was flooded with investors after the ban in China and broke records in trade volume.. Localbitcoins’ weekly trading volume in September was up to Yuan 115 million ($17.8 million).
Sources cited by Bloomberg said that “small peer-to-peer transactions are not targeted.” Although, it is unknown whether a giant like Localbitcoins is the target of regulators.
After the “tense moments” in South Korea ended, Bitcoin prices started to rise and increased by almost 5%.
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