Bitcoin value takes a 10 percent hit from Chinese crackdown
Business & Technology
Top business and technology news for February 10, 2017. Part of the daily The China Projectย news roundup "The phone call: Trump acquiesces on One China Policy."
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Bitcoin trading shrivels under Chinese governmentโs glareย / Reuters
As a result of Chinaโs determination to regulate the Bitcoin exchange market, the number of Bitcoins traded on BTCC, Huobi, and OKCoin โ the three main exchange platforms for the digital currency in China โ dropped significantly from 13.6 million on January 6 to around 120,000 on February 9. In January, the Peopleโs Bank of China (PBoC) announced that it has started a wider and deeper scrutiny into major Bitcoin exchanges and held meetingsย with nine of them. This led to a temporary month-long suspension of Bitcoin withdrawal on major exchange platforms. China has been the worldโs leading venue for Bitcoin trading and mining, with the big three taking up more than 90 percent of the global Bitcoin market as of January 11. For more on the status of Bitcoin in China, see this The China Projectย Q&A with Eric Mu, a Chinese entrepreneur who runs a Bitcoin mining facility and believes that โBitcoin has outgrown the stage where a single government can profoundly affect its development.โ -
Chinaโs stock market regulator vows to โcaptureโ more tycoonsย / SCMP
Liu Shiyu, chairman of China Securities Regulatory Commission, said in an annual work meeting on Friday that China wonโt tolerate any โcapital market crocodilesโฆskinning or sucking the blood of retail investorsโ and vowed to bring them back to the mainland to face justice. Liuโs comments highlighted a prolonged efforts by Chinese authorities to crack down on market manipulators and more tightly regulate the stock markets. Last month, Xu Xiang ๅพ็ฟ, once considered Chinaโs top hedge fund manager, was sentenced to prisonย for five and and a half years for stock manipulation and insider trading. A week later, billionaire Xiao Jianhua ่ๅปบๅ, the chairman of Tomorrow Group, went missingย in his apartment in Hong Kong, apparently in connection with corruption investigations by mainland authorities.
- Chinaโs VR โboomโ is a bust, say some expertsย / Tech in Asia
- Plan for $10 billion chip plant shows Chinaโs growing pullย / NYT (paywall)
- Xiaomi to take on top tier with smartphone chips of its ownย / WSJ (paywall)
