Bitcoin tumbles, then steadies, as Chinese exchanges plan to close
Chinese internet finance official calls for tighter regulation that distinguishes between ‘stateless’ digital tokens and government-backed digital currencies
Shanghai — China’s cryptocurrency crackdown has led to two exchanges announcing closures, while a senior executive at the country’s internet finance body has urged regulators to create a tougher framework of regulations to support the development of digital currencies. Li Lihui, a senior official at the National Internet Finance Association of China and a former president of the Bank of China, told a conference "stateless" digital tokens such as bitcoin posed risks as they could be used for illegal actions, and rules were needed to support the development of "legal" digital currencies. He said global regulators should work together to supervise cryptocurrencies. Chinese regulators are cracking down on the cryptocurrency sector, in a bid to stamp out potential financial risks as consumers pile into a highly risky and speculative market that has seen unprecedented growth this year. Major Chinese bitcoin exchange BTCChina said on Thursday it would stop all trading from September 30, se...
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