Chinese regulators make life hard for crypto-currenciesNOT so long ago, China looked to be the promised land for crypto-currencies.Bitcoin and its rivals were traded freely and online exchanges proliferated.On one estimate, China accounted for more than half of the world’s trade in Bitcoin last year.Near the end of last year, when its price was above $1,000, more than 100,000 coins were being traded daily on BTC China, a local exchange.Alas, those heady days are gone.Prices have plunged below $500 of late and hardly 2,000 coins are now traded daily on BTC China.According to Bobby Lee, the exchange’s founder, “Most investors have left the market.” What happened?The short answer is regulation.A new front in the legal fight over Donald Trump’s travel banQatar Airways wants a 10% stake in American AirlinesIreland and Afghanistan become the first new Test nations in 17 yearsWhy calculating a British parliamentary majority is so trickyHumanist nuptials are popular in Scotland but only beginning in UlsterHow immigration is changing the Swedish welfare stateIn early December China’s central bank declared that Bitcoin was not a currency.

This slowed its rise, but enthusiasts remained unbowed as the declaration fell far short of the outright ban some had feared.Then regulators forbade the firms that act as middlemen between businesses and credit-card networks from working with the exchanges.mours now suggest that the central bank has instructed commercial banks to halt all dealings with cyber-exchanges by April 15th.Such a move would be even more harmful to Bitcoin, says Zennon Kapron of Kapronasia, a local expert on the topic.As in most places, Bitcoin has not taken off as a means of payment in China; instead, it is mainly a speculative investment.But the steady drip of new rules makes it ever harder for ordinary Chinese to invest.Still, one venture capitalist keen on crypto-currencies predicts “some workaround is likely”.If banks are forbidden to hold corporate accounts for exchanges, one insider whispers that personal bank accounts of senior executives could be used instead.OKCoin, another Chinese exchange, insists it has an emergency plan involving an “overseas version”.It is too early to declare Bitcoin dead in China.

On March 21st the central bank clarified that it was not banning trading in crypto-currencies.Still, its crackdown has dispelled the dream that was helping to drive up Bitcoin’s value in the first place.Need assistance with your subscription?Zennon Kapron has been involved in the financial technology industry for over 15 years and is the Founder and Director of Kapronasia, a Shanghai-based provider of financial technology research and advisory services.Before Kapronasia, Zennon was the Global Banking Industry Manager for Intel based out of Shanghai, China and, prior to Intel, was the CIO for Citigroup Portugal.He holds a Bachelor’s of Science in Computer Science from Syracuse University and an MBA from INSEAD.He is also the author of Chomping at the Bitcoin: The History and Future of Bitcoin in China (2014).Think Alibaba is just China’s Amazon?It may one day to be the nation’s biggest wealth management firm.Over the past 5 years, China’s financial product offerings and services have increased dramatically through a process of regulatory reform and the entrance of third-party non-financial institutions.

This has provided retail consumers with a bevy of new investment choices and venues, it has also started a model of deploying financial services that has never been attempted or seen in other markets.Bitcoin had its defining moment in China’s financial industry, now Alibaba’s Yu’ebao, P2P lending, and online finance are redrawing the barriers of the banking sector.matrox g200 bitcoin miningThese unprecedented developments are shaking up the world’s second-largest economy and provide a case study in financial regulatory and innovative change that has never been seen before.bitcoin mining htc oneZennon provided an overview of the latest financial innovations in China’s financial industry and how they are disrupting the sector.icahn bitcoin

He suggested ways in which the same innovations may spread from China and potentially change the industry globally and how global companies have failed to accomplish the same outside of China.Speaker Interview – Jie Li: China’s Heritage in Film and Family Relics Shanghai – ‘China’s One Belt, One Road Strategy: Prospects and Challenges’ with Mary Boyd, Director, Corporate Network Economist Intelligence Unitbitcoin miner malwareby One of the few winners from Britain's shock decision to exit the European Union on Friday was the virtual currency bitcoin, which rose more than 7 per cent as investors flocked to what they perceived a safe haven asset.Bitcoin jumped above $US670 after the vote, according to data from CoinDesk, prompting analysts to label it "digital gold" – a reference to gold's historic status as a haven from financial turmoil.reklam izleyerek bitcoin

Over the past month, the virtual currency has been buffeted by changing sentiment around the vote, rising more than 70 per cent as the Brexit camp gained momentum before being sold off in recent days when it appeared Britons would choose to stay in the European Union.On Friday, once the exit vote became clear, bitcoin rallied.bitcoin iptables"These are scary times and bitcoin is a hedge," said Zennon Kapron, founder of financial technology consultancy Kapronasia, who has written a book on the virtual currency."People didn't expect this result and the market under-planned for it.A lot of people view bitcoin as another way to diversify from the major currencies."Kapronpointed out that bitcoin also rallied around this time last year when the market was contemplating the fallout from a Greek withdrawal from the eurozone."Iwouldn't be surprised if bitcoin goes above $US1000 as people wake up and start to realise what the options are," he said.Bitcoin was launched in 2009 as a new type of payment system.