• Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
Subscribe
  • Login
  • Register
No Result
View All Result
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
No Result
View All Result
No Result
View All Result

Is China Backing Down? Huobi, OKCoin Allowed to Continue Until October

15/09/2017 13:17
1 comment

Chinese media reports that two of the country’s biggest exchanges, Huobi and OKCoin, have been allowed to continue operating until the end of October.

Reports suggest after October they have to shut down, but that is unclear at this stage as the “specific program is still under study,” according to a rough translation of Sina.

The CEO of Huobi and OKCoin were rumored to be meeting with regulators today which somewhat hinted at a more lenient treatment for the two exchanges.

It is unclear what exactly was discussed. Media reports they were allowed to continue because they engaged in no ICO or tokens trading and because they are the largest with much volume, but the real reason for this more lenient treatment is unclear.

The highest political event in the country, a five-yearly congress of the ruling Communist Party, is to take place on October 18th this year.

The delay of a complete shut-down until after that date might suggest a potential u-turn is still on the table as the outcome of the Congress may give whoever comes on top a stronger hand.

There appears to be some sort of power struggle as well as an ideological struggle in the country. China has to decide whether to deepen its free market reforms, or cling to outdated communist ideology.

Bitcoin, therefore, might be some sort of proxy in that game, but much of this is speculation, with China’s authoritarian government having not yet made any public statement on the closing of some exchanges.

It may well be the case their aim is simply to keep bitcoin down. If it is small, they may be fine with it, but if it grows considerably, then PBoC would not be free to devalue its currency as it pleases and gain in a zero sum game at the expense of other nations.

So perhaps they’ll keep OKCoin and Huobi to give bitcoin another blow if it rises despite the best efforts of PBoC.

But, if they were smart, they could just limit the amount of bitcoin their citizens buy in line with their foreign exchange control rules, rather than driving it underground where it would probably flourish at the same time as they turn an entire generation against the country.

So we’ll have to wait and see what the unaccountable authoritarian government decides in October. With the China drama continuing.

 

Related Posts

Gas prices, June 2022

Gas Falling Below $6

Ethereum's price on weekly candles, June 2022

Ethereum Finally Closes Green

Lido Votes Against Limiting Staking

Defi Dapps DNS Attacked

Load More
  • Trending
  • Comments
  • Latest
Grayscale's Bitcoin Trust price, June 2022

Grayscale’s Bitcoin Price Falls to $12,000

Ethereum longs, June 2022

Ethereum Longs Spike

Defi dapps DNS hijacked, June 2022

Defi Dapps DNS Attacked

Bitcoin's price and mining costs, June 2022

Bitcoin’s Price Falls Below Cost of Production

Gas prices, June 2022

Gas Falling Below $6

Ethereum's price on weekly candles, June 2022

Ethereum Finally Closes Green

Lido Staking Share, June 2022

Lido Votes Against Limiting Staking

Defi dapps DNS hijacked, June 2022

Defi Dapps DNS Attacked

Comments

Latest News

  • Gas Falling Below $6
  • Ethereum Finally Closes Green
  • Lido Votes Against Limiting Staking

About Trustnodes

Terms of Service

Privacy Policy

Our Ethics and Values

Trustnodes Newsletter

Trustnodes © 2017-2022. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

No Result
View All Result
  • Login
  • Sign Up
  • Cart
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics

Trustnodes © 2017-2022. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

Welcome Back!

Login to your account below

Authenticate with MetaMask Loading...

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?