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Aleksey Muratov: Chinese cryptocurrency "goes" to Bitcoin exchange of Japan

From the beginning of 2017 China gradually lost cryptocurrency world leadership in the country giving it to Japan.

According to Chairman of the Board of the International Public Movement Change the World Together Aleksey Muratov, policy tightening by the Chinese authorities in relation to cryptocurrency exchange of the country contributed to it.

"From the first days of the year, the Chinese authorities made a hard pressure in relation to Bitcoin exchange, their massive check from the National Bank began. In particular, the regulator has issued a number of directives, according to which exchanges must adhere strictly to the law on the legalization of illegal proceeds laundering and tough rules of currency exchange," Aleksey Muratov said. As an example, he cited the statement of the National Bank of China in which it is said that "if exchanges fail to comply with these requirements, the regulator reserves the right to ask the relevant authorities to close exchanges."

"As a result, the two leading exchanges OKCoin and Huobi suspended the possibility of Bitcoin withdrawal for a month (i.e the time required to bring the work in compliance with the requirements of the National Bank of China). Following the major exchanges, other players (including BTCTrade, BTC100, HaoBTC and others) have also temporary stopped the ability of cryptocurrency withdrawal. In addition, 5% commission on the deposit of funds has been introduced. And Yunbi exchange “advanced” the farthest by introducing audit transactions on Bitcoin withdrawal. So, if suspicious activity is detected, the withdrawal time can be increased, the user account - is locked, and all data of transaction and user transferred to the "appropriate" authorities," Chairman of the Board of CWT stated.

According to Aleksey Muratov, such hard pressure from the authorities has led to a mass outflow of Bitcoin from the country. "On the one hand the logic in the actions of regulator is present - the government fears that Bitcoin can become a tool for the "laundering "of illegal income and, therefore, take the appropriate step. But on the other hand it is very important not to overdo at the same time, and in this case, we see that the authorities simply "went too far". As a result - China is rapidly losing ground industry leader, giving cryptocurrency exchanges of other countries where the risks are much lower and there are no discriminatory measures from the side of the state," Chairman of the Board of Change the World Together emphasized.

At the same time, he stressed that a reasonable policy of the state in relation to e-currency can lead to economic growth. "I've already told about how the Japanese government contribute to the development of cryptocurrency market. ( Local authorities are leading policy of its legalizing and, above all, Bitcoin. As a result, it is already part of the e-currency of the Chinese stock exchanges, gradually shifted to Japan. As a result, it is already the part of e-currency from the Chinese exchanges, gradually moved to Japan. We see that more and more other foreign capital are involved, and it has a positive impact on the economy of the country as a whole," Aleksey Muratov resumed.

Source: CWT News

  • February 18, 2017 2:08 PM MSK