China Legislation: Rumors that plague values

China returns to be protagonist this week, after its prohibition on ICOs, now appear rumors without official contrasts that incite to the absolute prohibition of Bitcoin and the crypto currencies in the whole country.

After the news spread through the Caixin media and social networks, the value of Bitcoin and the rest of crypto currencies had strong falls that continued during the 8 of September.

Soon began to deny the official reception of the news the main exchange houses located in China as BTCC:

For China, where 60% of the Cryptomoneda volume is traded on the top 3 exchanges, and where the highest Hash Mine power is concentrated, the confirmation of the news would represent a total bankruptcy for many related direct and indirect companies with Bitcoin and Ethereum, mainly being miners, exchanges, and hardware manufacturers.

Not only in China, but throughout the world, irregularities are being detected in the source of funds that invest in ICOs, currency exchange, illegal activities and criminal “accomplices” to facilitate money laundering, terrorist financing and other activities outside the financial system, which are supported and protected in the absence of laws on crypto-currencies, being one more excuse to continue attacking this electronic system of exchange of value, as if with the real money did not happen the same thing.

At 22:00 UTC on September 8th, prices returned to stabilize, leaving behind the falls to begin to recover, after verifying that the medium that gave the news “mixed” the communication of the restriction on ICOs of September 4 applying it to all the crypto currencies.

Jose Felip

Jose Felip

The difficult thing is not to learn, the difficult thing is to know how to teach. Editor and coordinator of the free book "La era de las BLOCK punto COM" CEO of bitcoiner.today