Sidney Leng UPDATED : Tuesday, 6 Feb 2018, Ten:34PM
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With the announcement that it plans to block all websites related to cryptocurrency trading and initial coin offerings –, including foreign platforms –, Beijing has left no one ter any doubt of its position on the very volatile commodity.
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But its views on the currency, or asset class –, depending on your point of view –, has not always bot so fervent, spil this timeline shows:
Bitcoin is hardly on the radar of financial regulators spil China adopts a relatively mitts off treatment to the cryptocurrency.
The People’s Handelsbank of China (PBOC) and four other financial regulators kwestie a snaak notice outlining the risks associated with bitcoin.
Beijing states that it is not a currency, and prohibits banks and other financial institutes from trading ter it. At the same time, the government acknowledges the cryptocurrency spil a “,commodity traded online”, and permits the public to buy and sell it spil they please, with its only proviso being that they do so at their own risk. ,
Central handelsbank governor Zhou Xiaochuan describes bitcoin spil an asset class –, like uncommon stamps –, and says the government is not even considering banning it.
The PBOC says it plans to punt a sovereign digital currency that could help to reduce the cost of circulating banknotes, promote economic activity and aid the fight against money-laundering.
After conducting investigations at China’s three thickest bitcoin exchanges –, BTC China, Huobi and OkCoin –, te Beijing and Shanghai, the central handelsbank accuses them of a lack of internal risk controls and issues a warning to investors to that effect.
Following the inspections, the exchanges start upgrading their security and anti-money-laundering systems, which leads to a improvised suspension on all withdrawals of bitcoin and Litecoin being introduced ter February.
The central canap sets up a research institute dedicated to digital currencies. ,
Chinese exchanges lift their suspension on withdrawals of cryptocurrencies.
Beijing deems initial coin offerings illegal and orders all mainland-based cryptocurrency exchanges to shut down.
The Leading Group of Internet Financial Risks Remediation –, China’s top internet-finance regulator –, issues a notice asking almacén governments to “,actively guide”, bitcoin-mining operations to “,orderly”, abandon the business.
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The central canap –, according to a report by the official ,Securities Times –, orders financial institutions to zekering providing banking services or funding for any activity related to cryptocurrencies.